UAE national carrier Etihad Airways has posted a third quarter revenue of US$1.4 billion, a 11 per cent increase year over year supported by an increase in cargo revenue of 39 per cent to $244 million, according to the Shipping Gazette.
The airline increased its revenue by 10 per cent to $1.03 billion due to passenger numbers exceeding three million.
Its unit, Etihad Cargo increased its cargo volumes by 41 per cent to 132,448 tonnes during the third quarter up from same quarter 2012 of 94,123. Cargo carried to and from its main hub Abu Dhabi accounts for 90 per cent of its overall cargo total.
The airline was able to gain through partnership in codeshare and equity alliance amounting to $247 million in the third quarter, up 36 per cent compared to the same quarter 2012, said Etihad president and CEO James Hogan.
"Headlining our partnership activities, we continued to work closely with regulatory authorities in India as we progressed our plans to acquire 24 per cent of Jet Airways - the first offshore investment in an Indian airline under the country's Foreign Direct Investment legislation.
A climate of increased capacity and ongoing price competition supported such growth, and its move to reduce travel during the month of Ramadan during peak travel times of July and August, said Mr Hogan.
Additionally the airline entered into a five-year contract to manage Air Serbia (currently trading as Jat Airways) by integrating the country's state airline into Etihad Guest frequent flyer programme.
"We also increased our stake in Virgin Australia from 10.5 to 17.4 per cent, and launched partnerships with South African Airways, Air Canada, Belavia and Korean Air, taking to 46 our number of codeshare agreements and expanding our virtual network to 375 destinations," he added.
It increased capacity on many routes either through deployment of extra capacity: one new wide-body Boeing 777-300ER, a leased Airbus A330 and one new narrow-body Airbus A320. It introduced one new service during this third quarter between Abu Dhabi and Sana'a, Yemen due to this increased capacity.