Abu Dhabi's Etihad first quarter revenue rises 28%
Source: BI-ME with Reuters , Author: Posted by BI-ME staff
Posted: Tue April 3, 2012 10:03 am

UAE. Etihad Airways, Abu Dhabi's flagship carrier, said quarterly revenues rose 28% on the back of increased passenger numbers and the expansion of its global network.

The unlisted airline said first quarter revenues were US$989 million, compared with US$770 million for the year-ago period, according to a statement on Tuesday.

Average seat factor was 76.5% for the first-quarter and the airline carried 2.36 million passengers during the period.

"We met all our revenue targets and budget estimates in first quarter, despite challenging economic conditions confronting the international community," Chief Executive James Hogan said in the statement.

The airline acquired 30% of Germany's Air Berlin last year and took a 40% stake in Air Seychelles in February.

"Investment in Air Berlin and Air Seychelles are already bearing fruit and we are starting to see both revenue and cost benefits from synergies with each carrier," Hogan said.

Etihad posted its first annual profit in 2011 since it was created nine years ago, notching a small US$14 million profit

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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UAE. The YPO Global Pulse Confidence Index for the Middle East and North Africa declined for the fifth consecutive quarter, falling nearly one point to 56.4, below the global confidence level of 58.0; Economic confidence in the UAE fell 7.2 points to 50.3, its lowest score in the six-year history of the index.
UAE. Low oil prices will constrain the amount of funding available to Gulf sovereigns and banks to support the region's substantial infrastructure bill in coming years; S&P projects a gap as large as $270 billion through 2019 between capital spending for projects and project contracts awarded.
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