Etihad’s revenues rise 31% to $1.25b

Strong growth in passengers number boosted Etihad Airways’ revenues to record $1.25 billion in the second quarter ended on June 30, says the fast-growing airline that flies to 87 worldwide destinations. There has been a strong and consistent growth in the key indicators that gauge the performance of an airline, as passenger revenue grew 17 per cent to $850 million; cargo revenues climbed 11 per cent boosting the total revenue 31 per cent to $1.25 billion in the second quarter of the year. The airline flew 2.55 million passengers in the period, 34 per cent higher against the January-March period. The airline, which received six new aircraft to make a tally of 67 brand new planes in the period, said its seat factor surged to 77.6 per cent from 73 per cent in January-March period. The airline continues to keep a tight focus on costs with non-fuel costs per available seat kilometre (CASK) down one per cent. The growth is even stronger in a year-to-year comparison. James Hogan, chief executive officer of Etihad, said the airline was on track for a successful full-year performance, despite the challenging market conditions. “This continues to be a tough operating environment for all airlines,” he said. “We remain focused and on track to deliver profitability for the full-year, for the second year running,” he said. Etihad Airways launched new routes to Basra and Nairobi during the quarter, and started a new Abu Dhabi-Lagos service this week, bringing its direct network of cities served up to 87. It also announced new code share agreements, which brought its total passenger network up to 308 destinations. Last month, Etihad Airways unveiled plans to launch daily flights to Sao Paolo in Brazil, its first South American destination, which will start in June 2013. Etihad Cargo had another strong quarter, with tonnage up six per cent to 74,000 metric tonnees, contributing to revenues of $183 million, up 11 per cent quarter-on-quarter. There was strong growth in particular in Germany, the UK and Bangladesh. Hogan added: “We are also encouraged by the performance of our equity partner airlines.”  Air Seychelles has made significant strides towards profitability in its own right and I am confident it will break even this year.” “Last month, airberlin, which is now our most important commercial partner, reported faster than expected progress of its shape and size programme and a positive outlook for its financial performance.