DUBAI, United Arab Emirates (AP) — Etihad, the flag carrier of the United Arab Emirates, says it lost $1.87 billion in 2016.

The Abu Dhabi-based airline announced the massive loss in a statement Thursday.

Etihad blamed "one-off impairment charges and fuel hedging losses weighed against a solid performance of the core airline."

The announcement of the loss comes after the January announcement that former CEO James Hogan had left the airline. Hogan led an aggressive multi-year buying spree that saw the Mideast carrier snap up stakes in airlines from Europe to Australia.

Both Etihad and Dubai-based Emirates have been hurt by a one-time ban on laptops in the cabin on flights to the U.S. by the Trump administration that was just lifted. The Trump administration's travel ban on majority Muslim nations also hurt the carriers.