Etihad tie-ups push revenue to a record

Marion Dakers
ETIHAD Airways yesterday hailed its new acquisitions and partners for boosting quarterly revenues to a fresh record.

Passenger revenues rose eight per cent to $921m (£616.5m) in the quarter, while turnover from its fast-growing cargo operations soared by a fifth to $216m.

“Despite the tough global trading climate, we have still achieved record, double digit growth,” said chief executive James Hogan.

The Gulf-based firm said its recent purchase of a 29 per cent stake in Air Berlin had helped to lift revenues. Partnership revenues made up a fifth of Etihad’s quarterly takings, and the firm has codeshare deals with 45 other airlines.

Etihad, which is owned by the Abu Dhabi government, also owns three per cent of Aer Lingus and is set to lift its stake in Virgin Australia from 10 to 19.9 per cent. The firm is also awaiting regulatory approval to take a 24 per cent holding in Indian carrier Jet Airways.

Revenue passenger kilometres, an industry measure of traffic, rose 13 per cent to 13.3bn, reflecting a larger fleet. The firm took delivery of two Boeing 777-300s in the quarter.