The Abu Dhabi-based airline Etihad Airways says passenger revenue exceeded $1bn in the third quarter of this year for the first time.

Rising by 10 per cent on the same quarter in 2012, passenger revenue hit $1.03bn. Cargo revenue was up by 39 per cent to $244m from $176m in Q3 2012. Total revenue grew by 11 per cent to reach $1.4bn compared to the same quarter in 2012.

The airline is aiming to further boost revenue through a mixture of codeshare agreements and acquiring stakes in other airlines. Earlier in October, the Indian cabinet approved Eithad’s acquisition of a 24 per cent stake in the Indian carrier Jet Airways. The acquisition will mark the first offshore investment in an Indian airline following the easing of restrictions on foreign direct investment in 2012.

The Abu Dhabi carrier has also signed a five-year contract earlier in 2013 to manage Serbia’s national airline, Air Serbia, which is currently known as Jat Airways.

By the end of the third quarter, the airline had a total of 46 codeshare agreements in place with airlines. The airline also introduced one new route in the third quarter to Sanaa in Yemen. It also took delivery of three new aircraft.