Business Companies 15 Mar 2019 Etihad Airways woes ...

Etihad Airways woes deepen

DECCAN CHRONICLE. | CHRISTOPHER JASPER
Published Mar 15, 2019, 12:46 am IST
Updated Mar 15, 2019, 12:46 am IST
The review comes alongside a reduced delivery of new planes, with deals to slash $21.4 billion of orders agreed with Boeing and Airbus last month.
CEO Tony Douglas said progress is being made in “streamlining our cost base.”
 CEO Tony Douglas said progress is being made in “streamlining our cost base.”

London: Etihad Airways posted a loss of $1.28 billion in 2018, extending the deficit over three years to $4.8 billion, as the Gulf carrier pushes ahead with a cost-cutting plan to stabilize the balance sheet.

The Abu Dhabi company, which has abandoned an attempt to build a global network of airline investments after a string of failures, cancelled a further nine unprofitable routes last year, it said in an emailed statement on Thursday. The review comes alongside a reduced delivery of new planes, with deals to slash $21.4 billion of orders agreed with Boeing and Airbus last month. CEO Tony Douglas said progress is being made in “streamlining our cost base.”

 

—Bloomberg

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