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Abu Dhabi's Etihad Airways posts losses for consecutive year

AP  |  Dubai 

The United Arab Emirates' flagship carrier posted losses of USD 1.52 billion in 2017 despite a slight bump in revenue compared to the previous year, the said today.

said it faced challenges ranging from significant fuel cost increases to costs associated with equity partners and now-defunct

The losses were smaller however compared to the USD 1.95 billion lost in 2016, a figure the revised upward from a previously reported USD 1.87 billion.

Revenue, meanwhile, inched higher from USD 5.9 billion in 2016 to USD 6.1 billion in 2017.

The Abu Dhabi-based airline's second consecutive annual loss comes as the reduced its aircraft fleet from 119 to 115 last year.

Some 18.6 million passengers flew on in 2017, approximately the same as 2016. The flies to 93 destinations, including several cities in the

Etihad's losses also come as it re-evaluates its plans following last year's departure of James Hogan, who'd served in the post since 2006. He was replaced by

In a statement today, Douglas said the company made "solid first steps" toward transforming its model.

"We made good progress in improving the quality of our revenues, streamlining our cost base, improving our cash-flow and strengthening our balance sheet," he said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 14 2018. 16:50 IST