Etihad Airways in red again, reports $1.52 billion loss for 2017

Etihad Airways reported a $1.52 billion loss for 2017 on Thursday, its second consecutive annual loss as the Middle East airline undertakes a major turnaround plan.

The result compares with a prior year loss of $1.95 billion, which it restated from $1.87 billion.

Etihad has been overhauling its strategy since 2016 with changes to top management, dropping unprofitable routes, and retiring operationally costly aircraft.

The airline said in a statement that its revenue rose 1.9 percent to $6.1 billion and it carried 18.6 million passengers, flat compared to the previous year.