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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KUWAIT. According to a newly released report by Kuwait Finance House Research, the global sukuk market saw a modest volume of US$31.14 billion in new sukuk issuances in 1Q2014. This volume represents a drop of 9.82% compared to US$34.53 billion worth of issuances in 1Q13.
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INTERNATIONAL. The WGC pointed out that the Chinese bank savings amount to US$7.5 trillion but only about US$300 billionn is allocated to gold, signifying the potential for gold demand to grow as Chinese wealth climbs.
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SAUDI ARABIA. The GCC said in a statement that foreign ministers of the six-member body had met in Riyadh for a comprehensive review of measures used to implement foreign and security policies.
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