Etihad Airways has posted a 2012 net profit of $42 million, up 200% from $14 million in 2011.
President and CEO James Hogan attributed this improvement to the airline’s focus on codeshares and equity partnerships, as well as stringent cost cutting.
Hogan acknowledged the strategy is “different, but is working,” and has helped create what he described as “the fastest-growing airline in the history of commercial aviation.”
Total revenue for the year was $4.8 million, up 17% from $4.1 million in 2011, with EBIT up 24% to $170 million in 2012 from $137 million in 2011. EBITDAR was up 16% to $753 million from $648 million in the year-ago period.
In 2012, passenger numbers were up 23% to 10.3 million compared to 8.4 million in 2011. Load factor was up 2.4 points to 78.2%.
RPKs increased 23% to 48 billion from 39 billion in 2011; ASKs increased 20% to 61 billion from 51 billion in 2011.
The Abu Dhabi-based carrier has a fleet of 70 aircraft and operates to 86 passenger and cargo destinations worldwide. Hogan said a further 100 aircraft will be inducted into the system over the next seven to eight years.
Revenue from codeshares represented 19% of total revenues in 2012, up 42% on the previous year. The airline now has 41 codeshare partnerships and four equity relationships, which together delivered close to $629 million in revenues.
Equity partners comprise Air Berlin (29.21%), Aer Lingus (2.987%), Air Seychelles (40% that includes a five-year management control arrangement of the carrier) and Virgin Australia (9%).
Hogan pointed out this equity alliance brought together a fleet of 379 aircraft serving a network of 384 destinations, and carrying more than 74 million, with combined revenues of $14 billion.
“From a network carrier perspective, no other Middle East carrier has this reach,” he said. “We have the largest reach of any of the Gulf carriers.”
“What’s fundamental in any business is that you continue to drill down on your costs and a key part of these partnerships has been taking out costs,” Hogan said, pointing out that Etihad reduced its unit costs 5% last year over 2011.
The airline is reportedly close to sealing a deal with India’s Jet Airways to take a 24% stake in the Indian carrier. Sources close to the deal say Etihad is expected to pay Jet about $300 million for the stake.
atwonline.com
President and CEO James Hogan attributed this improvement to the airline’s focus on codeshares and equity partnerships, as well as stringent cost cutting.
Hogan acknowledged the strategy is “different, but is working,” and has helped create what he described as “the fastest-growing airline in the history of commercial aviation.”
Total revenue for the year was $4.8 million, up 17% from $4.1 million in 2011, with EBIT up 24% to $170 million in 2012 from $137 million in 2011. EBITDAR was up 16% to $753 million from $648 million in the year-ago period.
In 2012, passenger numbers were up 23% to 10.3 million compared to 8.4 million in 2011. Load factor was up 2.4 points to 78.2%.
RPKs increased 23% to 48 billion from 39 billion in 2011; ASKs increased 20% to 61 billion from 51 billion in 2011.
The Abu Dhabi-based carrier has a fleet of 70 aircraft and operates to 86 passenger and cargo destinations worldwide. Hogan said a further 100 aircraft will be inducted into the system over the next seven to eight years.
Revenue from codeshares represented 19% of total revenues in 2012, up 42% on the previous year. The airline now has 41 codeshare partnerships and four equity relationships, which together delivered close to $629 million in revenues.
Equity partners comprise Air Berlin (29.21%), Aer Lingus (2.987%), Air Seychelles (40% that includes a five-year management control arrangement of the carrier) and Virgin Australia (9%).
Hogan pointed out this equity alliance brought together a fleet of 379 aircraft serving a network of 384 destinations, and carrying more than 74 million, with combined revenues of $14 billion.
“From a network carrier perspective, no other Middle East carrier has this reach,” he said. “We have the largest reach of any of the Gulf carriers.”
“What’s fundamental in any business is that you continue to drill down on your costs and a key part of these partnerships has been taking out costs,” Hogan said, pointing out that Etihad reduced its unit costs 5% last year over 2011.
The airline is reportedly close to sealing a deal with India’s Jet Airways to take a 24% stake in the Indian carrier. Sources close to the deal say Etihad is expected to pay Jet about $300 million for the stake.
atwonline.com
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