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HomeTravelEtihad’s profit up 48 per cent to $62m in 2013

Etihad’s profit up 48 per cent to $62m in 2013

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ETIHAD Airways, the fast-growing carrier of Abu Dhabi, said on Monday (March 3) it posted a 48 per cent increase in its net profit last year, reaching $62m (£37.22m), as revenues surged 27 per cent to $6.1bn (£3.66bn).

 

“This marked the third successive year of net profitability, in the airline’s tenth year of operation,” said the carrier in a statement.

 

Net profit was up from $42m (£25.21m) registered in 2012, said the company that operates an 89-plane fleet and serves 94 destinations.

 

“This is another important step forward in our journey as a growing, commercially successful business,” said Etihad’s chief executive officer James Hogan.

 

“We have hit every financial target for each of the last seven years, bringing sustainable profitability to a business which has grown from just $300m (£180.10m)  in revenues in 2005 to more than $6bn (£3.60bn) today,” he added.

 

Started in 2003, Etihad is expanding rapidly and has bought minor shares in several smaller carriers around the world as it competes with larger Gulf rivals Emirates and Qatar Airways.

 

It said last month that it has entered the final stage of an assessment whether to purchase a stake in Italy’s debt-laden airline Alitalia.

 

Etihad owns 29 per cent of Air Berlin, 40 per cent of Air Seychelles, 19.9 per cent of Virgin Australia and three per cent of Aer Lingus.

 

It also owns a 24-per cent stake in India’s Jet Airways, and 33.3 per cent in the Swiss carrier Etihad Regional, formerly known as Darwin Airline.

 

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