Etihad Airways revenue leaps 7 percent
Etihad Airways, an Abu Dhabi government-owned carrier, said second-quarter revenue jumped 7 percent on the year to reach $1.33 billion (Dh4.9 billion) as income from codeshare and alliance partnerships grew.
Etihad also saw passenger revenues rise despite stiff competition on fares that squeezed yields, chief executive James Hogan said in an emailed statement. Etihad is among a number of Middle Eastern airlines vying for a greater share of global long-distance passenger and cargo flights while also promoting the UAE as a destination.
The uptick in second-quarter revenue was helped by partnerships Etihad has struck with other airlines, it said. Revenue from codeshare and equity partners was $184 million in the second quarter, up 25 percent from the same period last year.
Total first-half revenues were up 14 percent to $2.5 billion, Etihad said.
As revenues rose, Etihad’s capacity grew in the second quarter. Available seat kilometers, a standard measure of carrying capacity, rose 13 percent in the second quarter as Etihad took delivery of two new Boeing 777-300 aircraft and launched service to Amsterdam, Sao Paulo and Belgrade.
Etihad’s cargo division also saw volumes grow. It transported 112,963 tons in the quarter, versus 89,470 tons last year. The airline added three freighter planes during the period: an Airbus A330-200F, a Boeing 777-200F and a Boeing 74708F.
Etihad is looking for further growth partly by using acquisitions of stakes in foreign airlines to bolster its codeshare agreements and quickly add to its list of destinations. In the second quarter, the company agreed to buy 24 percent of India’s Jet Airways, and is discussing an investment in Serbia’s JatAirways. Australian authorities also approved its plan to double its stake in Virgin Australia to 20 percent.
- Calculating the true cost of regional strife
- Just BS? Why Israel's anti-BDS law can't really stop BDS internationally
- Malnourished economy: global hunger leading to $2 trillion loss in world GDP
- Going green: UAE looks to save Dh6.98b a year by 2030 with renewable energy
- Diversify and dump the slump in the GCC