DUBAI, United Arab Emirates (AP) — The Abu Dhabi-based long-haul carrier Etihad Airways says it lost $1.28 billion in 2018, the third consecutive year of losses of over a billion dollars.

The airline reported on Thursday that it had revenues of $5.86 billion, down from $6 billion in 2017.

Etihad reported losses of $1.52 billion for 2017 and $1.95 billion in 2016.

Altogether, the government-owned airline has lost $4.75 billion in the last three years.

Etihad blamed "challenging market conditions and effects of an increase in fuel prices" in part for the loss.

The airline's strategy of aggressively buying stakes in airlines from Europe to Australia to compete against Emirates and fellow rival Qatar Airways exposed the company to major losses. It announced in February it was restructuring aircraft purchases from Airbus and Boeing.