Etihad Airways loses $1.28 bn in 2018... in 3rd year of losses

Dubai: Abu Dhabi's Etihad Airways said Thursday it lost $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 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 CEO Tony Douglas said in a statement announcing the results.

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

Previously, Etihad reported losses of $1.52 billion for 2017 and $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.

Abu Dhabi's rulers launched Etihad in 2003, competing with the established Dubai government-owned carrier Emirates that flies out of Dubai International Airport only 115 kilometers (70 miles) away. Last year, Etihad began loaning pilots to Emirates under a new

program.