The company said in a statement that it was able to reduce losses due to lower operating expenses.
In the past three years, Etihad recorded a total loss of $ 4.67 billion due to the failure of huge investments in international airlines, some of which have gone bankrupt.
“Thanks to the adoption of innovative ways and solutions in our operating operations, we have been able to reduce operating expenses,” the statement quoted Etihad Aviation Group CEO Tony Douglas as saying.
According to Douglas, “We still have a lot of work to do,” stressing that “necessary steps will be taken to ensure the implementation of the targeted plans and the way forward in achieving the goals of the business transformation program.”
The company transported 17.5 million passengers last year, compared to 17.8 million passengers in 2018.
The value of the company’s revenue, according to the statement, was $ 5.6 billion, compared to 5.9 billion in 2018.
Etihad Airways is one of the leading groups of air transport in the Gulf, and was established in 2003 in the oil-rich Emirate of Abu Dhabi. The company faces stiff competition from regional companies such as Emirates Airlines in Dubai and Qatar-based Qatar.
Etihad spent hundreds of millions of dollars to buy stakes in foreign companies, including Alitalia, Berlin Airlines, Virgin Australia, as well as Indian JetWiz and Air Seychelles, some of which faced financial difficulties that cost the group Emirati sums of money.
The air transport sector may suffer major revenue losses due to the repercussions of the emerging Corona virus, which continues to spread throughout the world.
Etihad Airways has invited its employees to consider the possibility of submitting their paid vacations for this year and take them in April due to the reduced demand.
“The global restrictions on travel and reorganization of events have caused many travelers to change their travel procedures,” the company said in a statement to “AFP” Thursday.
The company, “Emirates Airlines” said it had offered its employees “the option to take advantage of the leave or apply for voluntary unpaid leave of up to one month.”