Abu Dhabi's Etihad airways posts losses for third year
Abu Dhabi's Etihad Airways posted a loss in 2018 for the third year running, it said Thursday, blaming investment losses and challenging market conditions.
The airline, which has been undergoing restructuring since late 2017, said it had narrowed its losses in 2018 to $1.28 billion, from $1.52 billion the previous year.
Along with its 2016 losses, that adds up to total losses of $4.67 billion over three years, prompting the company to scrap dozens of orders on aircraft.
Established in 2003 by the oil-rich Gulf emirate's government, the airliner has faced stiff competition from regional rivals, Dubai aviation giant Emirates and Doha-based Qatar Airways.
Etihad invested heavily in carriers around the world including Alitalia, airberlin, Air Seychelles, Virgin Australia and India's Jet Airways, some of which have faced financial difficulties, causing Etihad heavy losses.
In late 2017, the company appointed Tony Douglas, a former British defence official, as its chief executive officer and launched a five-year restructuring process.
Douglas said Thursday the airline was "streamlining our cost base, improving our cash-flow and strengthening our balance sheet."
The company said its...