As Jet Airways deal gets cemented, Etihad Airways net profit triples

Feb 04 2013, 16:54 IST
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Revenue rose 17% in 2012 to $4.8 billion from $4.1 billion in 2011, Etihad Airways said. (Reuters) Revenue rose 17% in 2012 to $4.8 billion from $4.1 billion in 2011, Etihad Airways said. (Reuters)
SummaryEtihad says net profit tripled as it added routes and code-share arrangements.

per cent to USD 170 million, while EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) rose to USD 753 million, up 16 per cent, Etihad said.

Hogan said more than 50 institutions have provided around USD 6.8 billion in cumulative funding for the airline's ongoing expansion.

Planned fleet upgrades for 2013 include 14 aircraft, with 11 passenger aircraft deliveries and three freighter deliveries, Etihad said.

The orders are for nine wide-bodied Boeing and Airbus aircraft and five narrow-body Airbus aircraft. These will meet Etihad Airways' immediate growth requirements.

At the end of 2012, the company had 10,656 employees, 18 percent more than in 2011, representing more than 125 nationalities.

Etihad Airways, which began operations in 2003, serves 86 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas.

Abu Dhabi's Etihad Airways 2012 profit triples

(Reuters): Abu Dhabi's Etihad Airways, which is edging closer to an investment in India's Jet Airways , on Monday said net profit tripled in 2012 as its fast-expanding global network attracted more passengers.

Etihad, which has stakes in Air Berlin and Virgin Australia, earned a net profit of $42 million in 2012, compared with $14 million in the previous year.

Revenue rose 17 percent in 2012 to $4.8 billion from $4.1 billion in 2011, the airline said in a statement.

The eight-year old carrier made its first profit in 2011.

Unlisted Etihad has been on an acquisition drive in recent months, taking minority equity stakes in Virgin Australia and Aer Lingus and raising its shareholding in Air Berlin and Air Seychelles.

A deal with Jet Aiways, which would be the first foreign investment into India's aviation market, is expected this week, an official at the Indian airline, who declined to be identified, said in January.

The UAE carrier competes with key Gulf rivals like Emirates and Qatar Airways, which are all growing their reach into Europe, Asia and other markets.

Etihad said it carried 10.3 million passengers last year, up 23 percent over 2011. The average seat factor was 78.2 percent, up 2.4 percent over 2011.

Equity and code share partners contributed to more than 1.2 million passengers tapping Etihad's network. The airline hedged 80 percent of fuel costs during the year, the same level as in 2011.

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