Revenues up 31 percent at Abu Dhabi's Etihad Airways

Revenues up 31 percent at Abu Dhabi’s Etihad Airways

Revenue at Etihad Airways were up 31 percent in the second quarter as the Abu Dhabi-based airline continued to expand its global network.

July 4, 2012 6:04 by Reuters

Revenue at Etihad Airways were up 31 percent in the second quarter as the Abu Dhabi-based airline continued to expand its global network.

The unlisted airline, which recently picked up a 4.99 percent stake in Virgin Australia, said second-quarter revenue rose to $1.25 billion from $957 million in the same period last year. It did not provide profit figures.

Passenger numbers in the quarter rose 34 percent to 2.55 million, due to increased capacity and higher seat sales, it said, with average loadings up 4.6 percentage points at 77.6 percent of capacity.

The government-owned airline has been on an acquisition drive, taking minority equity stakes in Virgin Australia and Aer Lingus, and raising to its shareholding in Air Berlin and Air Seychelles.

The carrier said its route codeshares and partnerships fed 800,000 passengers into Etihad’s own network in the last six months, contributing $281 million.

“I’m attributing the positive earnings to our organic growth, and at the same time, the benefits of codeshare and partnerships is kicking in,” President and Chief Executive James Hogan told Reuters after the announcement.

“We see a strong third quarter and we are very focused on achieving another profit this year,” he said.

Etihad, which launched new routes to Basra and Nairobi in the second quarter, flies to 87 destinations.

The airline’s cargo unit contributed quarterly revenues of $183 million, up 11 percent.

(Reporting By Stanley Carvalho and Praveen Menon; Editing by Greg Mahlich)