Etihad Airways says it lost $1.87 bn in 2016
Abu Dhabi's Etihad Airways said on Thursday it posted a $1.87 billion loss last year, hit by "one-off" impairments on aircraft and investments in troubled Alitalia and airberlin.
The government-owned carrier said total impairments amounted to $1.9 billion, including a $1.06 billion "charge on aircraft, reflecting lower market values and the early phase out of certain aircraft types."
"There was also a $808 million charge on certain assets and financial exposures to equity partners, mainly related to Alitalia and airberlin," the company said. Old fuel-hedging contracts also hurt the carrier's results, Etihad said, adding that their financial impact is expected to diminish this year.
"A culmination of factors contributed to the disappointing results for 2016," said Mohamed al-Mazrouei, chairman of the board of Etihad Aviation group.