Struggling Abu Dhabi's Etihad posts fourth year of losses

Abu Dhabi's struggling carrier Etihad on Thursday posted a USD 870 million loss for 2019, its fourth year in the red, and said its restructuring plan still has "some way to go".

The latest loss compared to a shortfall of USD 1.28 billion in 2018, dropping by around a third thanks to significant cuts in spending, the company said in a statement.

In the previous three years -- from 2016-2018 -- Etihad accumulated total losses of USD 4.67 billion mainly because of failed massive investments in global airlines, some of which went bankrupt.

"Operating costs were reduced significantly last year," said Tony Douglas, CEO of Etihad Aviation Group.

"There's still some way to go but progress made in 2019, and cumulatively since 2017, has instilled in us a renewed vigour and determination to push ahead and implement the changes needed to continue this positive trajectory," he said.

Established in 2003 by the oil-rich emirate of Abu Dhabi, Etihad faces stiff competition mainly from regional rivals -- Dubai's Emirates Airline and Doha-based Qatar Airways.

It also invested heavily in carriers around the world including Alitalia, airberlin, Air Seychelles, Virgin Australia and India's Jet Airways, some of which have faced financial difficulties, inflicting heavy losses on Etihad.

With the deadly coronavirus forcing major restrictions on the aviation industry, carriers worldwide are expected to face mass cancellations, and Etihad and Emirates have both moved to have staff take leave.

Etihad has asked cabin crew to consider bringing forward paid leave from later this year to April, due to the shrinking demand.

"Global restrictions on travel and retiming of events have caused many passengers to change their travel arrangements, and the airline is among many realigning resources to accommodate these changes," it said in a statement to AFP Thursday.

Emirates has said it has offered employees "the option to avail leave or apply for voluntary unpaid leave for up to one month at a time."