UAE – Mubasher: Etihad Airways reported losses of $870 million for 2019, compared to $1.28 billion in 2018, showing a 32% improvement in core operating performance last year.
The group’s annual revenues decreased by 5.1% to $5.6 billion down from $5.9 billion in 2018, according to the airline's financial results for 2019.
Etihad’s transformation programme has reported a 55% improvement in cumulative core operating performance since 2017, the company said in a statement on Thursday.
During 2019, the total number of passengers on Etihad Airways reached 17.5 million, versus 17.8 million in the prior year.
Meanwhile, carried cargo totalled 635,000 tonnes in 2019, down from 682,100 tonnes in the earlier year.
In this regard, Tony Douglas, the CEO of Etihad Aviation Group, said: “Operating costs were reduced significantly last year and both yields and load factors were increased despite passenger revenues being down due to network optimisation.”
Douglas added: “As part of our transformation programme, we’ve made some tough decisions to ensure we continue to grow as a sustainable global aviation enterprise and brand.”
