9-Feb-2012 5:44 PM

Etihad Airways reports first annual profit in 2011

Etihad Airways revenue up 36% - financial highlights for 12 months ended 31-Dec-2011:

  • Revenue: USD4100 million, +36.0% year-on-year;
    • Passenger: USD2960 million, +23.9%;
    • Etihad Crystal Cargo: USD651 million, +25.7%;
  • EBITDAR: USD648 million,
  • EBIT: USD137 million,
  • Net profit: USD14 million, exceeded the carrier’s 2011 target of breaking even;
  • Passenger numbers: 8.3 million, +16.9%;
  • Load factor: 75.8%, +1.8 ppt;
  • Cost per ASK: -4.6%;
  • Cargo volume: 310,188 tonnes, +17.8%;
  • Aircraft: 64 aircraft, +7;
  • Employees: 9038, +15.1%. [more – Original PR] [more - CAPA Analysis]

Etihad expects its equity investment in airberlin to contribute USD50 million in additional revenue for Etihad in 2012.

Etihad Airways: “Five years ago we said we would be profitable by 2011.  Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered. And we will aim for strong growth again in 2012, in spite of the tough global economic environment, with a passenger traffic target of 10 million and a corresponding increase in profits. In 2012, we will add seven aircraft and have already announced plans to extend our network in Asia and Africa,” James Hogan, CEO. Source: Etihad Airways, 09-Feb-2012.

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