Etihad reports record profit
Etihad Airways has reported revenues up 36% and a net profit of US$14 million – £8.8 million.
The United Arab Emirates airline, which is eight years old, said it exceeded the target to break even by 2011 with a US$137 million profit before interest and tax.
James Hogan, president and CEO of Etihad Airways, said: "Five years ago we said we would be profitable by 2011. Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered.
"And we will aim for strong growth again in 2012, in spite of the tough global economic environment, with a passenger traffic target of 10 million and a corresponding increase in profits," he added.
The airline is continuing with its partnership strategy which saw its first equity investment in another carrier – airberlin – announced in December 2011.
Diane
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