Etihad Airways says it lost $1.87b in 2016

AFP, ABU DHABI: Abu Dhabi’s Etihad Airways said yesterday it posted a $1.87 billion loss last year, hit by “one-off” impairments on aircraft and investments in troubled Alitalia and airberlin.

The government-owned carrier said total impairments amounted to $1.9 billion, including a $1.06 billion “charge on aircraft, reflecting lower market values and the early phase out of certain aircraft types.”

“There was also a $808 million charge on certain assets and financial exposures to equity partners, mainly related to Alitalia and airberlin,” the company said.

Old fuel-hedging contracts also hurt the carrier’s results, Etihad said, adding that their financial impact is expected to diminish this year.

“A culmination of factors contributed to the disappointing results for 2016,” said Mohamed al-Mazrouei, chairman of the board of Etihad Aviation group.

Etihad Airways says it lost $1.87b in 2016

AFP, ABU DHABI: Abu Dhabis Etihad Airways said yesterday it posted a $1.87 billion loss last year, hit by one-off impairments on aircraft and investments in troubled Alitalia and airberlin. The government-owned carrier said total impairments amounted to $1.9 billion, including a $1.06 billion charge on aircraft, reflecting lower market values and the early phase out of certain aircraft types. There was also a $808 million charge on certain assets and financial exposures to equity partners, mainly related to Alitalia and airberlin, the company said. Old fuel-hedging contracts also hurt the carriers results, Etihad said, adding that their financial impact is expected to diminish this year. A culmination of factors contributed to the disappointing results for 2016, said Mohamed al-Mazrouei, chairman of the board of Etihad Aviation group.