Etihad Airways' yields 'quickly' returning to 2008 levels but won't break even in 2010
Etihad Airways CCO, Peter Baumgartner, stated the carrier is “surprised how quickly” yields are returning to 2008 levels (Zawya Dow Jones, 02-May-2010) . Mr Baumgartner added the carrier's 1Q2010 seat factor rose 2.0 ppts to 75%, while passenger numbers were up 11% year-on-year, RPKs jumped 25% and premium traffic rose 5%. 1Q2010 cargo revenue rose 50% year-on-year, while cargo yield jumped 20% year-on-year. Separately, CEO, James Hogan, stated the carrier will not break even in 2010 (Arabian Business, 03-May-2010).
Etihad Airways: “If we had had the yields in 2008 and 2009, we would have broken even this year… The global financial crisis and the pandemic hit us in yield, pushed us back down to 2007 levels …So what that meant was that our costs for training were in the right direction, utilising our aircraft effectively and generating the revenue we needed. But obviously the global financial crisis hit us and pushed back our yields to break even in 2011,” James Hogan, CEO. Source: Gulf News/Arabian Business, 03-May-2010.