Etihad mitigates losses

Etihad mitigates losses

ETIHAD Airways (EY) reduced its losses in 2017 on the back of improved revenues and streamlined costs, according to figures released by the carrier.

EY recorded a loss of US$1.52 billion for the 12-month period, boosting the bottom line by US$430 million on the 2016 deficit of US$1.95 billion and representing a 22% jump.

Passenger revenue was up 1.9% to US$6.1 billion for the year, while cost reduction for the same period saw a recovery of 7.3%.

The upswing was welcomed by the airlines’s board which said the outcome was a good result in a “pivotal” year for EY.

“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,” said Etihad Aviation Group chief executive Tony Douglas.

“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 added.

Just over 18.6 million pax were carried in 2017, a jump of 100,000 on 2016.

Source: traveldaily