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In 2016, Etihad Airways recorded a net loss of USD1.87 billion on USD8.36 billion in revenue due to one-off impairment charges and fuel hedging losses despite a solid performance of the core airline.

Total impairments stood at USD1.9 billion, including a USD1.06 billion charge on aircraft, reflecting lower market values and the early phase out of certain types of aircraft.

During the year under review, airline business achieved passenger revenue of USD4.9 billion, 79 percent load factor and carried a record 18.5 million travellers.

Although yields fell eight percent, this was partially offset by an 11 percent reduction in unit costs.

Available seat kilometres jumped nine percent to 113.9 billion, while the carrier saw a slight improvement in freight over 2015.