Abu Dhabi's Etihad Airways posts losses for consecutive yearJune 14, 2018 11:07am

DUBAI, United Arab Emirates (AP) — The United Arab Emirates' flagship carrier Etihad posted losses of $1.52 billion in 2017 despite a slight bump in revenue compared to the previous year, the airline said Thursday.

Etihad said it faced challenges ranging from significant fuel cost increases to costs associated with equity partners Alitalia and now-defunct Air Berlin.

The losses were smaller however compared to the $1.95 billion lost in 2016, a figure the airline revised upward from a previously reported $1.87 billion.

Revenue, meanwhile, inched higher from $5.9 billion in 2016 to $6.1 billion in 2017.

The Abu Dhabi-based airline's second consecutive annual loss comes as the long-haul carrier reduced its aircraft fleet from 119 to 115 last year.

Some 18.6 million passengers flew on Etihad in 2017, approximately the same as 2016. The airline flies to 93 destinations, including several cities in the United States.

Etihad's losses also come as it re-evaluates its business plans following last year's departure of CEO James Hogan, who'd served in the post since 2006. He was replaced by Tony Douglas.

In a statement Thursday, Douglas said the company made "solid first steps" toward transforming its business model.

"We made good progress in improving the quality of our revenues, streamlining our cost base, improving our cash-flow and strengthening our balance sheet," he said.

Page 1 of 1

More Stories Like This

FILE- In this Oct. 24, 2017 file photo, released by Saudi Press Agency, SPA, Saudi Crown Prince Mohammed bin Salman speaks at the Future Investment Initiative Conference, where he promised to return the ultraconservative kingdom to a more "moderate" Islam, in Riyadh, Saudi Arabia. Saudi King Salman sacked the head of the country’s entertainment authority late Monday, June 18, 2018, after religiously-conservative citizens took to social media to denounce a Russian circus show that showed female performers in tightly-fitted attire.  (Saudi Press Agency via AP, File)
Saudi entertainment chief sacked after conservative backlash
Emirati Minister of State for Foreign Affairs Anwar Gargash speaks to journalists in Dubai, United Arab Emirates, Monday, June 18, 2018. The UAE is part of a Saudi-led coalition fighting against Shiite rebels for control of Yemen's port city of Hodeida. Gargash said Monday that the battle for Hodeida is aimed at forcing the country’s Shiite rebels into negotiating an end to a yearslong war. (AP Photo/Jon Gambrell)
UAE's campaign for Yemen port city a test of 'Little Sparta'
Holborn Assets Teams up with Canaccord
An Emirati journalist films what officials described as a heat exchanger used in the production of rocket fuel that they captured in Marib, Yemen, on display at a military installation in the United Arab Emirates, Tuesday, June 19, 2018. Officials involved in the Saudi-led campaign against Shiite rebels in Yemen known as Houthis showed journalists on Tuesday materiel captured on the battlefield that they alleged show Iran's hand in arming the rebels. Iran long has denied arming the Houthis, despite reports by the United Nations, Western countries and outside groups linking them to the rebels' arsenal. (AP Photo/Jon Gambrell)
Saudi-led coalition displays Yemeni arms allegedly from Iran
Abbas aide slams reported US plans to raise funds for GazaPalestinian official condemns reported Trump administration plan to secure Gulf funding for major economic projects in blockaded, impoverished Gaza
Airport authorities detain 2 rights advocates in YemenYemeni rights advocates are reporting that two of the country's most prominent activists have been detained and taken to an undisclosed location at an airport in western Yemen
This component is currently unavailable.

Related Searches

Related Searches