Etihad reports profitable 2011

Etihad Airways has reported a full year EBIT of US$137 million, on revenues up 36% to US$4.1 billion (2010: US$2.98 billion). The results included earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) of US$648 million, with a net profit of US$14 million. The record result exceeded the airline’s 2011 target, which was to break even. “This is an historic day for Etihad Airways and an amazing achievement for an airline just eight years old,”said James Hogan, president and chief executive officer of Etihad Airways. “Five years ago we said we would be profitable by 2011. Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered.”He added, “Everything we said we would do, we have done. Now, we move into the next phase of our development whereby we deliver consistent, sustainable profitability. Given the challenges faced by the industry, our combination of revenue growth and entry into profitability must be one of the best results of any airline in 2011.”Highlights of the 2011 result included: 8.3 million passengers, up 17% on 2010 (7.1 million); an average seat factor of 75.8%, nearly two percentage points higher than 2010 (74%); growth of available seat kilometres from 45.2 billion (2010) to 51.0 billion, up 13%; the addition of five new routes – Bangalore, the Maldives, the Seychelles, Chengdu and Düsseldorf; and eight new codeshare agreements, taking Etihad Airways’ codeshare partners to 35 airlines, which increased its worldwide network to 259 destinations – more than any other Middle East air carrier. Hogan said Etihad Airways’ successful partnership strategy intensified with its first equity investment in another carrier – airberlin, Europe’s sixth largest airline, announced in December. “This was a game changing move for Etihad Airways, adding 157 destinations and giving us access to 35 million new passengers,”he said. (