Etihad reports first annual profit

Etihad reports first annual profit
By admin

Etihad has said it has delivered on its pledge to make money in 2011 after reporting its first annual net profit of US$14 million.

The eight-year-old carrier exceeded its target for the year, which was to break even, to record what president and chief executive James Hogan described as “one of the best results of any airline in 2011”.
The Abu Dhabi-based airline carried 8.3 million passengers in 2011, an increase of 17% on 2010.
“Five years ago, we said we would be profitable by 2011,” Hogan said. “Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered.”
Etihad’s codeshare with Virgin Australia had played a major role in increasing revenue over the year, according to Hogan.
“2011 marked the first full year of Etihad Airways’ strategic partnership with Virgin Australia, which offers 45 destinations in Australia and the Pacific, and boosted revenue by 700% over what we achieved with our previous Australian airline partner,” he said.
The airline severed its partnership with Qantas in August 2010 after just over a year.
Etihad is targeting profit and passenger growth in 2012 of 10% “in spite of the tough global economic environment”.
Hogan highlighted the signing of eight codeshare agreements and its investment in airberlin and Air Seychelles as key landmarks in the ongoing growth of the airline.
“The airberlin deal will be our most important catalyst for growth in 2012,” Hogan said. “It has given us instant access to Europe’s largest travel market and will have a major impact on revenues in 2012, with an expected contribution of up to $50 million.”
Etihad hedged 80% of its fuel in 2011 with 75% so far hedged this year.

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