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Etihad Airways Q2 revenues rise 7%
July 9, 2013, 9:55 am
Etihad Airways, an Abu Dhabi government-owned carrier, said second-quarter revenue jumped 7 per cent on the year to reach $1.33 billion (Dh4.9 billion) as income from codeshare and alliance partnerships grew.
Etihad also saw passenger revenues rise despite stiff competition on fares that squeezed yields, chief executive James Hogan said in an emailed statement. Etihad is among a number of Middle Eastern airlines vying for a greater share of global long-distance passenger and cargo flights while also promoting the UAE as a destination.
The uptick in second-quarter revenue was helped by partnerships Etihad has struck with other airlines, it said. Revenue from codeshare and equity partners was $184 million in the second quarter, up 25 per cent from the same period last year.
Etihad has codeshare agreements with about three dozen airlines, including American Airlines and Air New Zealand. It also has ownership stakes in Ireland’s Aer Lingus and Germany’s Air Berlin.
Total first-half revenues were up 14 per cent to $2.5 billion, Etihad said.
As revenues rose, Etihad’s capacity grew in the second quarter. Available seat kilometers, a standard measure of carrying capacity, rose 13 per cent in the second quarter as Etihad took delivery of two new Boeing 777-300 aircraft and launched service to Amsterdam, Sao Paulo and Belgrade.
Etihad’s cargo division also saw volumes grow. It transported 112,963 tons in the quarter, versus 89,470 tons last year. The airline added three freighter planes during the period: an Airbus A330-200F, a Boeing 777-200F and a Boeing 74708F.
Etihad is looking for further growth partly by using acquisitions of stakes in foreign airlines to bolster its codeshare agreements and quickly add to its list of destinations. In the second quarter, the company agreed to buy 24 per cent of India’s Jet Airways, and is discussing an investment in Serbia’s JatAirways. Australian authorities also approved its plan to double its stake in Virgin Australia to 20 per cent.
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