Jet Airways’ equity partner Etihad reports $1.28 billion loss in 2018

Etihad Airways on Thursday reported its third consecutive annual loss despite finding cost savings of nearly half a billion dollars as it cut its workforce and fleet.

The Abu Dhabi state-owned airline blamed challenging market conditions including higher fuel prices for a $1.28 billion loss in 2018, narrower than the $1.52 billion it lost in 2017.

Etihad, which has trimmed its ambitions to be a major intercontinental airline to focus on point-to-point flights, has made losses of $4.75 billion since 2016.

Revenue fell nearly 4 percent to $5.86 billion last year, compared with the $6.1 billion it reported for 2017. The airline launched a five-year turnaround strategy in 2017, the year current chief executive, Tony Douglas, was hired.