Etihad Airways' profits take off
Etihad Airways today reported profits of $42 million for last year, up 200 per cent compared to the year before acording to The National.
Revenue, passenger numbers and cost control also improved during a year in which Etihad took equity stakes in several other international airlines.
"This has been a game-changing year for Etihad Airways," said James Hogan, president and chief executive of Etihad Airways. "We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment."
Revenue rose 17 per cent to $4.8 billion during the year as passenger numbers grew 23 per cent to 10.3 million. Returns from equity stakes and codeshares delivered more than $600 million in total revenue.
"We have taken great strides in building the industry's first 'equity alliance', with our investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business," said Mr Hogan.
The airline could add to its equity stakes in the coming weeks as it discusses with its board a proposal to take a share in Jet Airways.