Etihad Airways Q3 Revenues Up 19% - Gulf Business
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Etihad Airways Q3 Revenues Up 19%

Etihad Airways Q3 Revenues Up 19%

Passenger revenues were boosted by code sharing and partnerships.

Etihad Airways, which has stakes in Aer Lingus and Virgin Australia, on Sunday reported 19 per cent year-on-year growth in third-quarter revenues, helped by passenger growth due to code sharing and partnerships.

Etihad earned revenues of $1.3 billion in the third quarter, with its seat factor – the number of passengers on flights divided by the number of available seats – climbing to 81.2 per cent, its highest level ever, the Abu Dhabi government-owned airline said in a statement.

Passenger revenues were boosted by code sharing, in which two or more airlines share the same flight, and partnerships; revenues from these two categories jumped 51 per cent to $182 million. The airline’s 38 partners created a combined network of 315 destinations, more than any other Middle Eastern carrier, Etihad said.

Last year the airline carried 8.3 million passengers through its hub in Abu Dhabi; it is on track to carry 10 million in 2012.

A significant contribution came from Air Berlin, in which Etihad Airways holds a 29.2 per cent stake. The two airlines’ code sharing and joint marketing agreements have delivered $51 million in revenues to Etihad year-to-date, surpassing initial full-year estimates, it said.

“Our third quarter saw continued progress across the business, with all key indicators showing strong performance, and we remain confident of delivering full-year profitability based on current market conditions,” president and CEO James Hogan said in the statement. He did not give details of third-quarter profits.

Etihad plans to take delivery of three new aircraft in the next three months to support its network expansion.

Cargo revenues in the quarter grew six per cent to $181 million.


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