Etihad Woes Deepen as Losses Reach $4.8 Billion in Three Years - Bloomberg

Etihad Woes Deepen as Losses Reach $4.8 Billion in Three Years - Bloomberg:

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, canceled a further nine unprofitable routes last year, it said in an emailed statement Thursday. The review is ongoing and comes alongside a reduced delivery of new planes, with deals to slash $21.4 billion of orders agreed with Boeing Co. and Airbus SE last month.

Chief Executive Officer Tony Douglas said progress is being made in “streamlining our cost base, improving our cash-flow and strengthening our balance sheet.” The annual loss was an improvement on 2017’s $1.52 billion.