Quantcast

Abu Dhabi's Etihad Airways posts losses for consecutive year - Live5News.com | Charleston, SC | News, Weather, Sports

Abu Dhabi's Etihad Airways posts losses for consecutive year

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.

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • NationalMore>>

  • Bucks' Sterling Brown sues Milwaukee over stun-gun arrest

    Bucks' Sterling Brown sues Milwaukee over stun-gun arrest

    Tuesday, June 19 2018 11:32 AM EDT2018-06-19 15:32:35 GMT
    Wednesday, June 20 2018 3:52 AM EDT2018-06-20 07:52:08 GMT
    This Jan. 26, 2018 police body-camera footage released by Milwaukee Police Department shows NBA Bucks guard Sterling Brown as he talks to arresting police officers after being shot by a stun gun in a Walgreens parking lot. (Milwaukee Police Dept/AP)This Jan. 26, 2018 police body-camera footage released by Milwaukee Police Department shows NBA Bucks guard Sterling Brown as he talks to arresting police officers after being shot by a stun gun in a Walgreens parking lot. (Milwaukee Police Dept/AP)

    Milwaukee Bucks guard Sterling Brown is suing the city and its police department because officers used a stun gun on him during his arrest for a parking violation in January.

    More >>

    Milwaukee Bucks guard Sterling Brown is suing the city and its police department because officers used a stun gun on him during his arrest for a parking violation in January.

    More >>
  • 'Say bye to him': Detainee recounts agents taking her son

    'Say bye to him': Detainee recounts agents taking her son

    Tuesday, June 19 2018 1:31 PM EDT2018-06-19 17:31:01 GMT
    Wednesday, June 20 2018 3:41 AM EDT2018-06-20 07:41:32 GMT
    (Blanca Orantes-Lopez via AP). In this self portrait taken in Mexico in May 2018, Blanca Orantes-Lopez poses for a photo with her 8-year-old son, Abel Alexander, during the monthlong journey from their hometown of Puerto La Libertad, El Salvador, to th...(Blanca Orantes-Lopez via AP). In this self portrait taken in Mexico in May 2018, Blanca Orantes-Lopez poses for a photo with her 8-year-old son, Abel Alexander, during the monthlong journey from their hometown of Puerto La Libertad, El Salvador, to th...
    'Don't leave me, Mom': Woman from El Salvador describes separation from 8-year-old son after crossing border.More >>
    'Don't leave me, Mom': Woman from El Salvador describes separation from 8-year-old son after crossing border.More >>
  • Hearing set for California parents accused of shackling kids

    Hearing set for California parents accused of shackling kids

    Wednesday, June 20 2018 2:41 AM EDT2018-06-20 06:41:05 GMT
    Wednesday, June 20 2018 3:32 AM EDT2018-06-20 07:32:37 GMT
    (Watchara Phomicinda/The Press-Enterprise via AP, Pool). FILE - In this May 4, 2018, file photo, defendant Louise Anna Turpin, second left, talks with an investigator as her husband David Allen Turpin, right, looks on during a court appearance in River...(Watchara Phomicinda/The Press-Enterprise via AP, Pool). FILE - In this May 4, 2018, file photo, defendant Louise Anna Turpin, second left, talks with an investigator as her husband David Allen Turpin, right, looks on during a court appearance in River...
    Prosecutors are expected to make their case against a Southern California couple accused of starving and shackling some of their 13 children.More >>
    Prosecutors are expected to make their case against a Southern California couple accused of starving and shackling some of their 13 children.More >>
Powered by Frankly