UAE News: Abu Dhabi's Etihad Airlines Says Annual Loss Narrows - Bloomberg:
Abu Dhabi’s Etihad Airways continued to make progress paring back its sprawling operation, shrinking the annual loss by about one third even as revenue declined.
The long-haul carrier has been overhauling its cost base since 2017 and turning its focus toward regional travel after splashing out to build a global network. While it’s made progress, the airline still lost $870 million in 2019, bringing the deficit over four years to $5.67 billion. Revenue slid about 5% to $5.6 billion.
“An improvement to the cost base significantly offset the cost pressures faced by the business,” said Chief Executive Officer Tony Douglas. Load factor improved due to a reduction in network and capacity, he said.
Like airlines across the world, state-owned Etihad is now facing a jarring dropoff in travel because of the coronavirus outbreak. The company has temporarily halted flights to China and Hong Kong, and on Wednesday it asked cabin crew to take leave in April that would otherwise be scheduled for later in the year.
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