Home News Etihad profits for 2013 leap almost 50%

Etihad profits for 2013 leap almost 50%

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Airline nabs profit of $62 million, revenue $6.1 billion

Etihad Airways has posted a 48% leap in profit for 2013. And it predicts further growth in 2014 as it develops its alliance network with a possible Alitalia investment, which it now describes as a 50-50 possibility.

The Abu Dhabi airline, which is just 10 years old, took a net profit of $62 million last year, up from $42 million in 2012. Revenue reached $6.1 billion, up 27%, carrying almost 12 million passengers.

The unlisted carrier already has minority stakes in seven airlines including airberlin, Aer Lingus, Air Seychelles and Virgin Australia. As previously reported, it is currently in talks with Alitalia on an investment there.

Revenue from partnerships with other airlines increased 30% to $820 million in 2013, which was 21% of passenger revenues.

“The commercial mandate I have is to maintain profitability,” Etihad CEO James Hogan said in an interview. “I have a profit target for 2014 – it will be greater than 2013 and will meet my objectives.”

Reuters

[pictured: Etihad Regional; image courtesy Etihad Airways]

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