Etihad Airways has reported a full year EBIT of US$137 million, on revenues up 36.0 per cent to US$4.1 billion

The results included earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of US$648 million, with a net profit of US$14 million.

The record result exceeded the airline’s 2011 target, which was to break even.

James Hogan, chief executive of Etihad Airways, said: “This is an historic day for Etihad Airways and an amazing achievement for an airline just eight years old.

“Five years ago we said we would be profitable by 2011. 

“Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered.

A total of 8.3 million passengers flew with the national carrier of the United Arab Emirates in 2011, up 17 per cent on 2010.

The carrier – regarded as the World’s Leading Airline by the World Travel Awards - achieved an average seat factor of 75.8 per cent, nearly two percentage points higher than 2010.

Five new routes – Bangalore, the Maldives, the Seychelles, Chengdu and Düsseldorf – will also added to the network.

Hogan added Etihad Airways’ successful partnership strategy intensified, with its first equity investment in another carrier – airberlin, Europe’s sixth largest airline, which was announced in December 2011.

“This was a game changing move for Etihad Airways, adding 157 destinations and giving us access to 35 million new passengers.

“The airberlin deal will be our most important catalyst for growth in 2012. It has given us instant access to Europe’s largest travel market, and will have a major impact on revenues in 2012, with an expected contribution of up to US$50 million.”