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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INTERNATIONAL. The Continent's basic geographical split remains in place, and Russia still holds the weaker position. However, its relative strength has increased with the rise of divergent interests within the European Union, and its primary concern regarding the Continent is not Europe but the United States.
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UAE. EIU report commissioned by Waha Capital points out two major challenges for the sector: human resources and varying regulations across the seven emirates.
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UAE. "Those who stay attuned to market needs and transform their business in anticipation of new entrants and unprecedented trends will reap the greatest rewards."
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