Passenger growth triples Etihad profits

Etihad gets closer to investment in India’s Jet Airways

Abu Dhabi carrier Etihad Airways says its net profit tripled in 2012, as its rapidly growing worldwide network attracted more passengers. Etihad earned a net profit of $42 million in 2012, compared with $14 million in 2011. Revenues increased 17% to reach $4.8 billion. It carried 10.3 million passengers last year, up 23%, pushing the average seat factor up 2.4% to 78.2%.
Etihad Airways has stakes in Air Berlin and Virgin Australia and is now getting closer to an investment in India’s Jet Airways.
The airline said it hedged 80% of fuel costs during 2012, the same level as the previous year, and the airline’s CEO James Hogan said it had no plans to cancel its order for 41 of Boeing’s crisis-riddled 787 Dreamliner planes. “The 787 is a great aircraft”, he said.
[pictured: Noora Al Marri, Etihad Airways’ 1,000th Emirati member of staff, with husband Faisal Al Naqbi, an officer cadet; photo courtesy Etihad Airways]