Etihad’s sales soar 28 percent in ‘best ever quarter’

Posted: April 3, 2012 in Airlines, Middle East
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Revenues at Etihad Airways increased 28 percent in 1Q2012 to US$989m, it was announced today, signifying the UAE carrier’s best ever quarterly performance. During the three-month period ending March 31, the Abu Dhabi-based operator also carried 2.4m passengers, an increase of 500,000 compared to the year ago quarter.

Revenues at Etihad Airways increased 28 percent in 1Q2012

Revenues at Etihad Airways increased 28 percent in 1Q2012

Etihad also said it was launching a new services to as-yet unnamed destinations in South America and Vietnam next year.

CEO James Hogan, presenting the results at a roundtable event today, said the performance was “the best quarter in terms of revenues” the company has had.

CEO James Hogan, presenting the results at a roundtable event today

CEO James Hogan, presenting the results at a roundtable event today

Hogan claimed that based on the latest revenues Etihad was on track to become a US$5bn per year company by the end 2012.

“Despite tough economic times we believe our business model of organic network growth combined with codeshare partnerships and strategic equity investments will enable us to continue to prosper and ensure sustainable profitability,” Hogan added.

Revenues derived from air cargo operations were up 12.2 percent to US$159m during the quarter, Hogan said.

However, he also warned of the impacts of fluctuations in fuel costs on Etihad’s future performances.

“Fuel prices are are our largest variable cost and they were tracking higher than 2011. We remain committed to an active fuel hedging strategy. 80 percent of our first quarter’s fuel costs were hedged and we currently have 74 percent of fuel costs hedged for the rest of 2012,” Hogan added.

Etihad posted its first ever profit in February 2012, when it reported a full year net income of US$14m for 2011, based on a 36 percent increase in revenues to US$4.1bn.

Read the full story at arabianbusiness.com…..


By Claire Valdini – arabianbusiness.com
Tuesday, 3 April 2012


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