Breaking Travel News

Etihad Airways moves into profit during financial first half

Etihad Airways moves into profit during financial first half

Abu Dhabi-based Etihad Airways has delivered a positive EBITDAR for the first time, marking a key milestone in the development of the carrier.

Etihad Airways also reported a 28 per cent increase in revenues to US$1,720 million, driven by solid performances in both passenger and cargo activities.

A two per cent reduction in costs per available seat kilometre, despite large increases in oil prices, pushed earnings before interest, tax, depreciation, amortisation and rentals) in the six months from January 1st into positive territory for the first time.

However, exact figures were not detailed.

Etihad hopes to move into sustainable profitability in 2012.

Hogan explained the airline hopes to be profitable from 2012

James Hogan, Etihad Airways chief executive officer, said the results were achieved despite a still fragile economy and, at times, difficult operating conditions.

Despite this, Etihad – which was recognised as the World’s Leading Airline by the World Travel Awards - continues to expand its route network.

Last week flights to two new Chinese cities, Chengdu and Shanghai were announced and services to Male and the Seychelles start on November 1st.

“These are exciting new destinations for us,” said Hogan.

“China is a huge market and Chengdu is the economic centre and transportation and communications hub of the country’s booming southwest region.”

The delivery of five new wide-body passenger aircraft – three A330-300s and two B777-300ERs during the summer allowed frequencies to be increased to several major markets, including Geneva, Milan and Beijing.