Etihad triples its net profits

City A.M. Reporter
ETIHAD Airways yesterday said its net profit tripled in 2012 as its fast-expanding global network attracted more passengers.

Etihad – which has stakes in Air Berlin and Virgin Australia and is close to taking a stake in India’s Jet Airways – earned a net profit of $42m (£26.6m) in 2012, compared with $14m in the previous year.

Revenue rose 17 per cent to $4.8bn, the airline said in a statement.

The eight-year old carrier made its first profit in 2011.

The UAE carrier competes with key Gulf rivals like Emirates and Qatar Airways.

Etihad said it carried 10.3m passengers last year, up 23 per cent over 2011. The average seat factor was 78.2 per cent.