UAE airline reports big year-on-year improvements despite losses
Etihad Airways, the national airline of the United Arab Emirates and based in Abu Dhabi today published its 2019 financial reports. The airline reports that it was able to “drastically improve” its financial figures compared to 2018, yet the airline posts a loss of $870 million for full year 2019 (compared to a loss of $1.28 billion in full year 2018, or 32% less loss)
Etihad Airways’ financial results aren’t exactly improving as in 2017, the airline lost $1.52 billion and in 2016 even more: $1.95 billion.
On the financial results, Tony Douglas, Group Chief Executive Officer, Etihad Aviation Group, said: “Operating costs were reduced significantly last year and both yields and load factors were increased despite passenger revenues being down due to network optimization. An improvement to the cost base significantly offset the cost pressures faced by the business, giving us headroom to invest in the guest experience, technology and innovation, and our major sustainability initiatives.
“There’s still some way to go but progress made in 2019, and cumulatively since 2017, has instilled in us a renewed vigor and determination to push ahead and implement the changes needed to continue this positive trajectory.”
