As Jet Airways deal gets cemented, Etihad Airways net profit triples
23 percent to 10.3 million compared to 8.4 million in 2011, significantly boosted by Etihad's partnerships which delivered more than USD 600 million in total revenue.
"This has been a game-changing year for Etihad Airways," James Hogan, the airline's president and chief executive officer said.
"We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment," he said in the statement.
Etihad said it succeeded in building the first "equity alliance" with investments of 40 per cent in Air Seychelles, 29.2 percent in Air Berlin, 9.0 per cent in Virgin Australia and about 3.0 percent in Air Lingus.
"We have taken great strides in building the industry's first equity alliance ... which (is) contributing significant value to our business," Hogan said.
Earnings before interest and tax (EBIT) rose 24 per cent to USD 170 million, while EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) rose to USD 753 million, up 16 per cent, Etihad said.
Hogan said more than 50 institutions have provided around USD 6.8 billion in cumulative funding for the airline's ongoing expansion.
Planned fleet upgrades for 2013 include 14 aircraft, with 11 passenger aircraft deliveries and three freighter deliveries, Etihad said.
The orders are for nine wide-bodied Boeing and Airbus aircraft and five narrow-body Airbus aircraft. These will meet Etihad Airways' immediate growth requirements.
At the end of 2012, the company had 10,656 employees, 18 percent more than in
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