Etihad Airways loss exceeds US$1b, for third consecutive year

Business | 14 Mar 2019 7:28 pm

Abu Dhabi’s Etihad Airways said today it lost US$1.28 billion in 2018, the third-straight year the government-owned long-haul carrier has lost over a billion dollars.

Since 2016, Etihad has lost a total of US$4.75 billion as its strategy of aggressively buying stakes in airlines from Europe to Australia to compete against Emirates and fellow rival Qatar Airways exposed the company to major losses.

In the time since, it has embarked on a cost-cutting initiative and recently announced it would restructure planned aircraft purchases from Airbus and Boeing.

"Our transformation is instilling a renewed sense of confidence in our customers, our partners and our people,” Etihad Aviation Group chief executive Tony Douglas said in a statement.

The airline reported revenues of US$5.86 billion in 2018, down from US$6 billion in 2017. It flew 17.8 million passengers last year, down from 18.6 million the year before.

Previously, Etihad reported losses of US$1.52 billion for 2017 and US$1.95 billion in 2016. It blamed "challenging market conditions and effects of an increase in fuel prices” in part for the loss in 2018.-AP

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