Etihad Airways reported a second consecutive annual loss, blaming rising fuel prices and lost business due to the collapse of Air Berlin and problems at Alitalia.
Abu Dhabi-based Etihad Airways reported $1.52 billion in losses for 2017, marking the airline’s second consecutive year of losses.
The figure, however, is an improvement from 2016 where Etihad recorded a $1.95 billion loss.
The airline blamed its 2017 results on significant fuel cost increases and costs associated with equity partners Alitalia and now-defunct Air Berlin.
Etihad absorbed a significant amount of losses over the last two years as its equity partners Alitalia and Airberlin entered administration last year.
Air Berlin eventually ceased trading last October after Etihad declared it would not be providing further financial support.
Etihad carried 18.6 million passengers in 2017 and had a 78.5% load factor, both at similar levels to 2016.
Tony Douglas, group chief executive officer of Etihad Aviation Group, said in a statement: “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.”
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