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Abu Dhabi's Etihad Q1 Revenue Rises 28 Pct.

Summary: Etihad Airways, Abu Dhabi's flagship carrier, said quarterly revenues rose 28 percent on the back of increased passenger numbers and the expansion of its global network.

Etihad Airways, Abu Dhabi's flagship carrier, said quarterly revenues rose 28 percent on the back of increased passenger numbers and the expansion of its global network.

The unlisted airline said first quarter revenues were $989 million, compared with $770 million for the year-ago period, according to a statement on Tuesday.

Average seat factor was 76.5 percent for the first-quarter and the airline carried 2.36 million passengers during the period.

"We met all our revenue targets and budget estimates in first quarter, despite challenging economic conditions confronting the international community," Chief Executive James Hogan said in the statement.

The airline acquired 30 percent of Germany's Air Berlin last year and took a 40-percent stake in Air Seychelles in February.

"Investment in Air Berlin and Air Seychelles are already bearing fruit and we are starting to see both revenue and cost benefits from synergies with each carrier," Hogan said.

Etihad posted its first annual profit in 2011 since it was created nine years ago, notching a small $14 million profit.

(Reporting by Praveen Menon; Writing by Dinesh Nair, Editing by Amran Abocar)

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Publication:Kippreport
Article Type:Financial report
Geographic Code:7UNIT
Date:Apr 3, 2012
Words:224
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