Clear
0 Selected+
Filters
Air
Luxury
Regulation
Operators
Agencies
City and finance
Destinations
Skills
Cruise
Technology

Hello! You are viewing your 1 free guest article this week


Join now for free, immediate and unlimited access to our award-winning online content. Find out more...

Join us
Already a member? Log in here

News

14 Jun 2018

BY Rob Gill

Share
TRFBLI

Etihad cuts losses in ‘pivotal’ year for airline

Etihad Aviation Group has reduced its losses during a “pivotal year” year for the future of the company.

edited-AC-462-20141201-PM-A380 ETIHAD MSN166 IN FLIGHT-091.jpg

The Abu Dhabi-based group made a loss of $1.52 billion from its “core operations” in 2017 – a 22% improvement on a loss of $1.95 billion during the previous year.

 

Etihad’s revenue rose by 1.9% to $6.1 billion year-on-year, despite a “significant moderation of capacity growth”. While the company also cut unit costs by 7.3% despite having to pay an extra $337 million in fuel costs due to the higher price of oil.

 

The airline carried 18.6 million passengers in 2017 with a load factor of 78.5%. Capacity, as measured by available seat kilometres (ASKs), increased by 1% during the year.

 

The group also faced other significant “challenges” last year as a minority shareholder in two major European airlines, Alitalia and airberlin, which went into administration.

 

Tony Douglas, group chief executive of Etihad Aviation Group, said: “We made good progress in improving the quality of our revenues, streamlining our cost base, improving our cashflow and strengthening our balance sheet.

 

“These are solid first steps in an ongoing journey to transform this business into one that is positioned for financially sustainable growth over the long term.”

 

Mohamed Mubarak Fadhel Al Mazrouei, chairman of the group’s board, said 2017 was a “pivotal year in Etihad’s transformation journey”.

 

“The board, new executive leadership team and all our employees worked extremely hard to navigate the challenges we faced,” he added. “We made significant progress in driving improved performance and we are on track in 2018.”

Add New Comment
Please sign in to comment.
Show me more
TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
Scroll To Top