By News Desk
Abu Dhabi-based airways, Etihad Airways, has disclosed that 16 years after it commenced operation, it was yet to make any profit from the investment made when entering the sector.
Group CEO Tony Douglas, who disclosed this during an interview with newsmen on Monday, lamented that the airline has a long way to go to become profitable.
The CEO stressed: “We are slightly ahead of where we plan to be. And if we stay focused will see a very strong Etihad”.
Etihad suffered its third consecutive annual loss in 2018 despite cost savings of nearly half a billion dollars as it cut its workforce and fleet.
Etihad, which has trimmed its ambitions to be a major intercontinental airline, has made losses of $4.75 billion since 2016.
Douglas said a series of announcements are expected over the next two to three weeks about the new low-cost carrier it is setting up with Air Arabia AIRA.DU.
“A whole schedule of announcements by the end of first quarter, second quarter,” he said.
The CEO, however, declined to be more specific or say which destinations the low-cost carrier will serve.
The new carrier, Air Arabia Abu Dhabi, will be the UAE’s fifth airline. Others include Emirates and Dubai discount carrier flydubai.