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Indiaexportnews.com

Etihad boosts first-quarter revenue 21%

  21.04.2011    

Etihad Airways reported a 21.2% year-over-year rise in first-quarter revenue to $770 million. It said the year's first three months represented its "most successful first-quarter to date." Though the Abu Dhabi-based and owned carrier did not disclose EBITDAR figures for the period, it said EBITDAR was positive and put it on course to reach its goal of breaking even this year and achieving profitability in 2012, ATW Daily News reported.
It said the revenue gain was buttressed by a 5.9% reduction in unit costs. Passenger revenue rose 15% on the back of a 10.6% growth in passengers carried to 1.9 million. Load factor was 72.7%, down 2.4 points. Cargo revenue lifted 44% year-over-year on a 22% capacity hike.
"Our revenues continue to grow faster than our passenger numbers and, thanks to our robust cost controls, we are seeing a real benefit in our overall performance," said CEO James Hogan, noting the results were achieved "despite significant challenges" in the operating environment. "This quarter saw unrest in a number of Middle East countries, which has clearly resulted in lower traffic into those markets," he said. "The earthquake in Japan in early March has also had an impact. Our ability to respond to these situations is a reflection of the growing maturity and underlying strength of the business."
Hogan said the airline remained "cautiously positive" about the future, adding, "Subject to the state of the overall global economy, we believe we are well positioned to continue our journey to profitability." Fuel prices will be a "major challenge for the airline industry this year," he warned. "But I am glad to report that Etihad has hedged more than 75% of its fuel requirements for 2011."



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