ABU DHABI: Abu Dhabi’s Etihad airways published a loss in 2018 for the third 12 months jogging, it said Thursday, blaming funding losses and challenging market conditions.

The airline, which has been undergoing restructuring considering that past due 2017, stated it had narrowed its losses in 2018 to $1.28 billion, from $1.

.52 billion the preceding 12 months.

in conjunction with its 2016 losses, that provides up to general losses of $4.Sixty seven billion over three years, prompting the agency to scrap dozens of orders on plane.

mounted in 2003 via the oil-wealthy Gulf emirate’s government, the airliner has confronted stiff opposition from nearby rivals, Dubai aviation giant Emirates and Doha-based Qatar airways.

Etihad invested heavily in vendors around the sector inclusive of Alitalia, airberlin, Air Seychelles, Virgin Australia and India’s Jet airways, some of that have confronted economic problems, causing Etihad heavy losses.

In late 2017, the organisation appointed Tony Douglas, a former British defence legitimate, as its chief government officer and released a 5-12 months restructuring system.

Douglas stated Thursday the airline turned into “streamlining our value base, improving our cash-go with the flow and strengthening our balance sheet.”

The organization said its financials had advanced because the restructuring process started, in spite of “tough market situations and consequences of an increase in gasoline fees.”

airlines in the Gulf have confronted a double hit from oil charge fluctuations and regional political tensions.

Etihad said it had agreed with aviation giants Airbus and Boeing to sharply lessen its orders, effectively cancelling dozens of plane.

It said that following negotiations, Etihad “will take shipping of 5 Airbus A350-1000, 26 Airbus A321neo and 6 Boeing 777-9 plane in the coming years”.

That implied it's miles cancelling orders for around 50 Airbus planes and round 20 Boeing jets.

ultimate yr, the service took delivery of seven Boeing 787 and one Boeing 777, bringing its fleet to a total 106 planes of diverse makes and sizes.

Etihad transported 17.Eight million passengers in 2018 down from 18.6 million inside the previous yr.

Its revenues last year dropped barely to $5.Nine billion, a long way below its 2015 revenues of $nine billion.