Abu Dhabi's Etihad Airways said on Tuesday (Oct 14) it posted a 29 per cent surge in revenue to US$1.8 billion in the third quarter, thanks to rising numbers of passengers and cargo volume.
The fast-growing carrier said 3.9 million passengers flew with Etihad between July and September, a 30 per cent increase on the same period in 2013. Etihad cargo also transported 144,498 tonnes of freight and mail, a nine per cent rise on last year's third quarter last year. The government-owned carrier did not say whether it registered any profits or losses.
"We are confident about sustaining our profitability in 2014," Etihad chief James Hogan said in a statement. He said the carrier's codeshare partnerships and minority investments in other airlines have continued to produce strong results despite "industry challenges such as volatile oil prices, economic and political instability, overcapacity in the market, and access constraints".
The company is turning Abu Dhabi into a major travel hub between the West and Asia and Australasia. Etihad carried 11.5 million passengers last year, earning US$6.1 billion in revenue, of which it kept US$62 million as profit. The company agreed in June to acquire 49 per cent of Italy's debt-laden Alitalia, widening its reach into the European market.
Launched in 2003, Etihad is expanding rapidly and has bought minor shares in several smaller carriers around the world as it competes with larger Gulf rivals Emirates and Qatar Airways. Etihad owns 29 per cent of Air Berlin, 40 per cent of Air Seychelles, 19.9 per cent of Virgin Australia and three per cent of Irish carrier Aer Lingus. It also has a 24 per cent stake in India's Jet Airways.
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