Abu Dhabi's Etihad Airways revenue sees brighter day

Abu Dhabi’s Etihad Airways revenue sees brighter day

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Last year the airline carried 8.3 million passengers through its hub in Abu Dhabi; it is on track to carry 10 million in 2012.

October 7, 2012 10:10 by Reuters

Etihad Airways, which has stakes in Aer Lingus and Virgin Australia, on Sunday reported 19 percent year-on-year growth in third-quarter revenues, helped by passenger growth due to code sharing and partnerships.

Etihad earned revenues of $1.3 billion in the third quarter, with its seat factor – the number of passengers on flights divided by the number of available seats – climbing to 81.2 percent, its highest level ever, the Abu Dhabi government-owned airline said in a statement.

Passenger revenues were boosted by code sharing, in which two or more airlines share the same flight, and partnerships; revenues from these two categories jumped 51 per cent to $182 million. The airline’s 38 partners created a combined network of 315 destinations, more than any other Middle Eastern carrier, Etihad said.

Last year the airline carried 8.3 million passengers through its hub in Abu Dhabi; it is on track to carry 10 million in 2012.

A significant contribution came from Air Berlin, in which Etihad Airways holds a 29.2 percent stake. The two airlines’ code sharing and joint marketing agreements have delivered $51 million in revenues to Etihad year-to-date, surpassing initial full-year estimates, it said.

“Our third quarter saw continued progress across the business, with all key indicators showing strong performance, and we remain confident of delivering full-year profitability based on current market conditions,” president and CEO James Hogan said in the statement. He did not give details of third-quarter profits.

Etihad plans to take delivery of three new aircraft in the next three months to support its network expansion.

Cargo revenues in the quarter grew 6 percent to $181 million.