Etihad Airways (EY) said it exceeded its target of breaking even in 2011 by posting a $14 million net profit for the full year, marking the first time the Abu Dhabi-based carrier, launched in 2003, was in the black on an annual basis.
"Five years ago we said we would be profitable by 2011," president and CEO James Hogan , who took over the carrier's helm in 2006, said in a statement. "Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered. The mandate from our shareholder [the emirate of Abu Dhabi] was to create an airline that is best in class, operates to the highest safety standards, and makes money—and we have achieved this mandate."
EY's 2011 full-year revenue increased by 36% compared to 2010 to $4.1 billion including a 23.9% rise in passenger revenue to $2.96 billion. Traffic grew 15.8% year-over-year to 38.7 billion RPKs on a 13% lift in capacity to 51 billion ASKs, leading to a load factor of 75.8%, up 1.8 points.
The airline's fleet grew by seven units to 64 aircraft by year end and its workforce heightened 15.1% to 9,038.
EY's move late last year to increase its shareholding in Air Berlin to 29.21% "will be our most important catalyst for growth in 2012," Hogan said. "It has given us instant access to Europe's largest travel market, and will have a major impact on revenues in 2012, with an expected contribution of up to $50 million."
Etihad Crystal Cargo's 2011 revenue was up 25.7% compared to 2010 to $651 million as tonnage carried increased by 17.8% to 310,188 tonnes.
Article Source : ATW Daily News
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