Abu Dhabi flag-carrier Etihad Airways has reported a internet lack of US$1.28 billion for the 12 months.
The determine was, nevertheless, a slight enchancment on the lack of US$1.52 billion reported for 2017.
Revenues slipped from US$6 billion to US$5.86 billion final 12 months because the provider reduce providers with the intention to stem losses.
Etihad carried 17.eight million passengers in 2018, down from 18.6 million, with a 76.four per cent load issue.
Since commencing its five-year transformation programme in 2017, the airline has improved its core working efficiency by 34 per cent regardless of difficult market situations and results of a rise in gas costs.
Tony Douglas, group chief govt of Etihad Aviation Group, stated: “In 2018, we continued to forge forward with our transformation journey by streamlining our value base, enhancing our cash-flow and strengthening our stability sheet.
“Our transformation is instilling a renewed sense of confidence in our clients, our companions and our folks.
“As a major enabler of commerce and tourism to and from Abu Dhabi, we are intrinsically linked to the continued success of the emirate.”
The airline elevated yields by 4 per cent, largely pushed by capability self-discipline, community and fleet optimisation and rising market share in premium and point-to-point markets.
Passenger revenues remained regular at US$5 billion.
The airline lowered whole prices by US$416 million to US$6.9 billion.
Direct working prices have been lowered by US$226 million (3.6 per cent) regardless of ongoing gas value volatility.
Administration and common bills declined by US$190 million (19 per cent), primarily pushed by decrease oblique manpower and different administration prices.
Throughout 2018, Etihad Airways took supply of eight new plane together with three Boeing 787-9s, 4 Boeing 787-10s and one Boeing 777-200 freighter.
The airline’s fleet depend at 12 months finish was 106, with a median age of 5.7 years.