Etihad revenues soar

Etihad Airways continued its impressive growth in the first quarter of 2012 with a 28% rise in revenue to US$989 million over the corresponding period in 2011 and passenger numbers soaring by 500,000 to 2.4 million. Etihad president and CEO James Hogan commented, “We met all our revenue targets and budget estimates in the first quarter, despite the challenging economic conditions confronting the international community. Despite the tough economic times we believe our business model of organic network growth combined with codeshare partnerships and strategic equity investments will enable us to continue to prosper and ensure sustainable profitability.”The record results were announced as Hogan unveiled plans for a significant expansion of the airline’s global network over the next 18 months. These included a daily service to Etihad Airways’ first South America destination and a new service to Vietnam. Hogan said the South American flights would begin mid next year with details of the first destination now being finalized. “This is a logical next step for us and will mark the sixth continent we serve and our coming of age as a truly global airline,”he said. Etihad also plans to replicate the success of its European expansion by introducing additional frequencies to a range of other destinations in Asia and Australia.