Rising passenger numbers boost Etihad’s third-quarter profits
Abu Dhabi’s Etihad Airways has reported third-quarter revenues of $1.3bn, up 19 per cent compared with the same period of 2011.
Passenger numbers were also up by 23 per cent in the third quarter, totalling 2.79 million. The airline aims to hit its target of carrying 10 million passengers by the end of 2012.
Revenue generated by growing passenger numbers hit $937m in the third quarter, an increase of 12 per cent compared with the corresponding quarter last year.
The airline cites its numerous codesharing agreements and equity partnerships as the driving force behind this growth. Revenues from both these business streams rose by 51 per cent to $182m compared with the same quarter last year.
Etihad’s partnership with Air Berlin, in which it holds a 29.21 per cent equity stake, has delivered $51m in revenues to the airline. In the year to date, Etihad and Air Berlin have served more than 150,000 passengers combined.
The airline also announced that Air Seychelles, in which Etihad holds a 40 per cent stake, is on track to break even in 2012, marking a turnaround in the airline’s performance after suffering losses in recent years.
Etihad has signed several new codeshare agreements in recent months, including one with Saudi Arabia’s Nasair in October and and Ras al-Khaimah’s Rak Airways in September.
The airline is targeting growth in Australia, where it has a 10 per cent stake in Virgin Australia, as well as Asian markets. It is also looking to connect these destinations with African cities.
In the past three months, the airline has launched daily services to the Nigerian city of Lagos and is set to begin services to Ho Chi Minh City in Vietnam, as well as to Washington DC and Brazilian city Sao Paulo in 2013.
Cargo revenues for the airline also grew in the third quarter, rising by 6 per cent to $181.6m and carrying 93,560 tonnes of freight, marking an increase of 18 per cent. The airline also launched freight services to Dammam and Doha during the third quarter.
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