DUBAI: Abu Dhabi’s long-troubled national carrier Etihad on Thursday reported losses of USD 870 million in 2019 after losing billions in recent years, calling the result “encouraging.”
Since 2016, Etihad has lost a total of USD 5.62 billion as its strategy of aggressively buying stakes in airlines from Europe to Australia to compete against Dubai-based Emirates and fellow rival Qatar Airways exposed the company to major losses.
The company has since started to claw its way out of financial trouble. In February, Etihad announced it would sell 38 aircraft to an investment firm and a leasing company in a deal valued at USD 1 billion.
