DUBAI: Abu Dhabi’s Etihad Airways swung to a core operating profit of $296 million in the first half of 2022 from a loss of $390 million a year earlier.

The emirate’s state carrier, which did not disclose net profit, said its earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to $690 million in the first half from $6 million in the same period of 2021. Operating revenue rose to $2.29 billion from $1.23 billion.

“While ramping up our operations and recording a four-fold increase in passenger volumes, we kept a tight hold on our cost base,” Chief Financial Officer Adam Boukadida said in a statement.

“As a result, our operating costs only rose by 26% despite a 46% increase in deployed capacity.”

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The state carrier has posted six consecutive annual net losses, with accumulated losses of $7.8 billion from 2016 to last year.

It launched a five-year turnaround plan four years ago and said last year it was still targeting a return to profit in 2023.