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Etihad Airways reports $103 million profit for 2015

Etihad Airways reports $103 million profit for 2015

ABU DHABI: Abu Dhabi’s state-owned Etihad Airways, which has become a major competitor to the biggest global airlines on European and Asian routes, reported on Wednesday a consolidated net profit of $103 million for 2015 on the back of strong passenger growth.

Etihad, which owns stakes in Alitalia and AirBerlin, said profit was $73 million in 2014. Revenue last year was $9.02 billion after $7.55 billion in the previous year.

However, Etihad said in a statement that the 2014 figures were for the stand-alone airline business only, making them not strictly comparable to the consolidated 2015 results. It did not elaborate on the difference between the sets of numbers and a company spokesman could not immediately be contacted to comment.

The airline carried 17.6 million passengers in 2015, up 19 percent from the previous year.

“Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships,” President and Chief Executive James Hogan said.

Revenue passenger kilometres, which measure passenger journeys, rose 21.3 percent to 83.2 billion while available seat kilometres, which represent capacity, grew 21 percent to 104.8 billion.

Etihad, which has 50 codeshare agreements and equity in seven airlines, earned $1.4 billion in direct revenue through this partnership strategy versus $1.1 billion in the previous year. The airline’s cargo volume rose 4 percent to 591,000 tonnes in 2015.

Copyright Reuters, 2016

Courtesy : BRecorder



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