Etihad Airways has reported a significant improvement in its core operating performance in 2017, with an overall 22 per cent increase despite facing challenges such as fuel cost increases.
The carrier increased revenues from core operations by 1.9 per cent to $6.1 billion, while reducing losses in the core operations by $432 million.
Due to Etihad Airways’ strong focus on efficiency, a 7.3 per cent reduction in unit costs was recorded, in addition to a 14 per cent decrease in administration and general expenses.
Etihad Airways carried 18.6 million passengers at a 78.5 per cent load factor. Available Seat Kilometres (ASKs) increased by one per cent in 2017, indicating a significant moderation of capacity growth, and contributing to an improvement in the quality of the airline’s revenues.
“Our airline continues to be a key driver of Abu Dhabi’s vision to develop its tourism sector, grow commerce and strengthen links to key regional and international markets,” chairman of the board, Etihad Aviation Group (EAG), HE Mohamed Mubarak Fadhel Al Mazrouei. “This was a pivotal year in Etihad’s transformation journey. The board, new executive leadership team and all our employees worked extremely hard to navigate the challenges we faced. We made significant progress in driving improved performance and we are on track in 2018.”
Meanwhile, CEO, EAG, Tony Douglas said: “We made good progress in improving the quality of our revenues, streamlining our cost base, improving our cash-flow and strengthening our balance sheet. These are solid first steps in an ongoing journey to transform this business into one that is positioned for financially sustainable growth over the long term.”
He concluded: “It is crucial that we maintain this momentum, retaining talent and attracting leading professionals from around the world to work alongside our highly-skilled UAE national workforce.”