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Etihad Woes Deepen as Losses Reach $4.8 Billion in Three Years

  • Gulf carrier cutting costs, routes and fleet to stabilize
  • Boeing, Airbus agreed to slash $21.4 billion orders last month
The 15th Dubai Airshow As Boeing Delivers Surprise Blow To Airbus
Photographer: Natalie Naccache/Bloomberg

Etihad Airways posted a loss of $1.28 billion in 2018, extending the deficit over three years to $4.8 billion, as the Gulf carrier pushes ahead with a cost-cutting plan to stabilize the balance sheet.

The Abu Dhabi company, which has abandoned an attempt to build a global network of airline investments after a string of failures, canceled a further nine unprofitable routes last year, it said in an emailed statement Thursday. The review is ongoing and comes alongside a reduced delivery of new planes, with deals to slash $21.4 billion of orders agreed with Boeing Co. and Airbus SE last month.