Etihad Airways reports record revenue growth
Etihad Airways, the national carrier of the UAE operating luxury Abu Dhabi flights has recently reported healthy revenue growth with record figures for the third quarter in 2011. The profits mark the strongest ever third quarter financial results.
Widely known as the award-winning airline and national carrier of the United Arab Emirates, Etihad Airways has recently revealed the healthy results of its third quarter financial results, reporting the company's strongest ever profits during that period.
The carrier responsible for taking many passengers to Abu Dhabi holidays aboard its luxurious, award-winning aircraft has generated a total $1.1 billion USD, signalling a growth of 39 per cent against last year's figures during the same period.
The number of passengers aboard Abu Dhabi flights and other popular worldwide holiday destinations that the airline serves also increased by 18 per cent, with the Abu Dhabi-based airline carrying a total of 2.25 million fare-paying customers over the 2011 period.
Etihad Airways' seat factors – the percentage of seats available to those filled - increased by an impressive 3.8 per cent to 80.7 per cent, the highest quarterly result in the brief history of the seven-year old airline carrying many passengers to popular holiday destinations in the Middle East and connecting Dubai and Abu Dhabi holidays.
Operating costs for the company rose 12 per cent, on a 12 per cent rise in capacity, while non-fuel costs rose 7 per cent.
In the meantime, Etihad Airways has 81 per cent of its fuel hedged for the rest of 2011.
James Hogan, Etihad Airways' chief executive officer said these healthy numbers and profits achieved contributed to strong profitability at an EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) level and thanks to that the airline had now moved into monthly operating profitability.
“Despite the continuing challenges of high fuel prices and economic downturn in many of the markets in which Etihad operates, we are seeing strong growth in all our key commercial indicators,” Hogan explained.
“Our clear target is to break even in 2011 and this is another big step in the right direction for us.
“We are well on track to delivering a continuing financial return to our shareholder.”
With worldwide recognised prestige for offering top class Abu Dhabi flights, in-keeping with the carrier's growth and state-of-the art facilities, the airline has added six aircraft to its fleet in the last 12 months, enabling the airline to build greater depth into its schedule and increase weekly frequencies to key markets sending tourists to holidays in Dubai, Abu Dhabi and other popular emirates, including Paris, Manchester, Milan, Geneva, Brussels, Bangalore, and Manila.
In the months to come Etihad will start flying to six new holiday destinations from its home base of Abu Dhabi, offering direct flights for Maldives holidays (from 1stNovember), the Seychelles (starting 2nd November), Chengdu in China (from 15th December), Düsseldorf (from 16th December), Shanghai (starting 1st March, 2012) and Nairobi (with flights operating from1st April, 2012).
“Next year we take delivery of another seven passenger aircraft – four B777-300ER aircraft, plus three A320-200s – so the careful, strategic expansion of our global network will continue,” Hogan added on a final note.
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