Etihad sees 2012 profit take off

Etihad Airways has reported a net profit of US$42 million in 2012 — that’s up 200% on 2011 (US$14 million) — in a year which saw strong improvements in revenues, passengers numbers and cost control. The carrier’s revenue increased 17% to US$4.8 billion (US$4.1 billion), on passenger numbers up 23% to 10.3 million (8.4 million). And the carrier’s numbers were boosted significantly by its equity partnerships and codeshares, which delivered more than US$600 million in total revenue. Commenting on the 2012 results, Etihad’s president and CEO, James Hogan said: “This has been a game-changing year for Etihad Airways. We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment. We have taken great strides in building the industry’s first ‘equity alliance’, with our investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business. And we have met our mandate of contributing to the economic development of Abu Dhabi, growing its aviation sector and building trade and tourism connections across the globe.” Go to http://new.livestream.com/etihad/financialresults2012 to see a video of the press conference.