Etihad Airways reports 27 pct increase in income during Jan-March quarter

Apr 15 2014, 18:55 IST
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Etihad Airways currently has stakes in seven airlines around the world which it uses to feed passengers on to its own planes. Reuters Etihad Airways currently has stakes in seven airlines around the world which it uses to feed passengers on to its own planes. Reuters
SummaryEtihad Airways reported a 27% increase in its revenue for January – March 2014 period at $ 1.4 billion.

Etihad Airways on Tuesday reported a 27% increase in its revenue for January – March 2014 period at $ 1.4 billion on the back of robust passenger demand and higher revenue from its partner carriers during the quarter.

The airline's passenger traffic during the same period grew by 14% to 3.2 million from the same period last year, the airline said in a release.

The revenue from code-share and equity partnerships – which represented 22% of the total revenue of the airline for the January-March period – rose by 23% to $ 223 million from the same quarter of the previous year.

Etihad currently has stakes in seven airlines around the world – including a 24% stake in India's Jet Airways – which it uses to feed passengers on to its own planes.

The airline also reported a 26% increase in cargo volume to 127,821 tonnes, during the same quarter.

The fast-growing Gulf airline however declined to say whether it registered any profits or losses in the quarter.

“Our strong performance highlights the continued success of Etihad Airways’ strategic master plan, which focuses on the three fundamental pillars of organic network growth, code share partnerships and minority equity investments in other airlines around the world,” said the airline's CEO James Hogan.

“ This unique strategy, and the investments we have made in product, service and infrastructure, means that Etihad Airways is positioned strongly for top-line growth and bottom-line delivery in 2014,” he added.

The Au Dhabi-based airline also plans to start operations to 8 more destinations this year, thus taking its global route network to 103 by the end of the year.

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