Abu Dhabi's Etihad Airways trims losses on higher cargo revenues, cost control | Reuters
Abu Dhabi's Etihad Airways trimmed its losses for last year on higher cargo revenues and prudent cost control, the company said in a statement on Tuesday.
Net loss for the year 2021 stood at $476 million, compared with a loss of $1.70 billion in the year earlier, the statement said.
This is the sixth consecutive loss for the Abu Dhabi carrier, with accumulated losses of around $7.8 billion since 2016.
Etihad started its turnaround drive four years ago as losses piled up after a splurge in spending aimed at competing with major Gulf carriers Emirates and Qatar Airways.
Cargo operations outperformed expectations with a 27% increase year-on-year in freight carried in 2021, boosted by pharmaceutical shipments during the pandemic, it said.
Cargo revenues rose 49% to $1.73 billion, the company said, the highest in the airline's history.
It said the airline focused on cost control, cutting operating costs by another $110 million, despite rising fuel costs driven by higher oil prices.
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