*Etihad revenues hit $1.1b in third quarter of 2011
Etihad Airways has announced revenues of US$1.1 billion for the third quarter of 2011, marking an increase of 39 percent.
The airline, based in Abu Dhabi, transported 2.25 million passengers between July and September this year –18 percent higher than the same period in 2010 – while its seat factor increased to 80.7 percent.
Operating costs rose 12 percent, on a 12 percent rise in capacity, while non-fuel costs rose only 7 percent. The airline has 81 percent of its fuel hedged for the rest of 2011.
Etihad’s CEO James Hogan said the figures contributed to strong profitability at an EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) level and the airline had moved into monthly operating profitability.
“Despite the continuing challenges of high fuel prices and economic downturn in many of the markets in which Etihad operates, we are seeing strong growth in all our key commercial indicators,” said Hogan.
“We are doing this by creating and marketing the world’s leading air travel product, while maintaining a rigorous focus on costs. Our clear target is to break even in 2011 and this is another big step in the right direction for us. We are well on track to delivering a continuing financial return to our shareholder.”
Etihad has added six aircraft to its fleet in the last 12 months, enabling the airline to build greater depth into its schedule and increase weekly frequencies to key markets including Paris, Manchester, Milan, Geneva, Brussels, Bangalore, and Manila.
In the coming months, Etihad will begin flying to six new destinations: the Maldives (from November 1), the Seychelles (November 2), Chengdu in China (December 15), Düsseldorf (December 16), Shanghai (March 1, 2012) and Nairobi (April 1, 2012).
“Next year we take delivery of another seven passenger aircraft – four B777-300ER aircraft, plus three A320-200s – so the careful, strategic expansion of our global network will continue apace,” added Hogan.
Etihad Crystal Cargo also performed well during Q3, with revenue up $37 million to $168 million, supported by a 16 percent year-on-year growth in tonnage (from 66,916 to 77,623 tonnes) and a 10 percent year-on-year increase in average yields.