Etihad Airways blames one-offs for US$1.87b loss in 2016
Etihad Airways recorded a net loss of US$1.87b for 2016, reversed from a net profit of $103m in 2015. The carrier made the loss on revenues of $8.36b, down from $9b for the preceding year. Etihad said exceptional charges were major factors behind the huge deficit and its core airline operation had turned in a “solid performance.” Impairments totalling $1.9b included a $1.06b charge on aircraft, reflecting lower market values and the early phase-out of certain aircraft types. The carrier also recorded an $808m charge “on certain assets and financial exposures to equity partners, mainly related to Alitalia and Airberlin.” The $8b revenue figure includes activities such as Etihad’s ground handling, catering and engineering subsidiaries, as well as revenue from areas such as leasing of aircraft and interest earned on loans. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2017-07-28/eap/etihad-airways-blames-one-offs-for-us-1-87b-loss-in-2016
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Etihad Airways blames one-offs for US$1.87b loss in 2016
Etihad Airways recorded a net loss of US$1.87b for 2016, reversed from a net profit of $103m in 2015. The carrier made the loss on revenues of $8.36b, down from $9b for the preceding year. Etihad said exceptional charges were major factors behind the huge deficit and its core airline operation had turned in a “solid performance.” Impairments totalling $1.9b included a $1.06b charge on aircraft, reflecting lower market values and the early phase-out of certain aircraft types. The carrier also recorded an $808m charge “on certain assets and financial exposures to equity partners, mainly related to Alitalia and Airberlin.” The $8b revenue figure includes activities such as Etihad’s ground handling, catering and engineering subsidiaries, as well as revenue from areas such as leasing of aircraft and interest earned on loans. <br/>
