ABU BI's Etihad Airways narrowed its annual loss in 2018 to US$1
ABU BI's Etihad Airways narrowed its annual loss in 2018 to US$1.28 billion from $1.52 billion loss the year, but on declining revenues from $6 billion to $5.86 billion. But the airline succeeded in improving its core operating performance by 34 per cent - despite challenging market conditions and rising fuel prices - since introducing its five-year restructuring plan in 2017.
'Etihad Cargo recorded a strong performance for [2018] largely due to a lower cost base, a programme of efficiency improvements including the consolidation of the freighter fleet around the Boeing 777F,' said a company statement.
Yet cargo revenue fell five per cent year on year to $827 million as total freight capacity dropped 21 per cent to 3.4 billion tonne kilometres.
Etihad Cargo cargo chief Abdulla Mohamed Shadid said current plans call for moving cargo operations to a new state-of-the-art facility within the next five or six years.
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