Record H1 for Etihad Airways

Etihad Airways’ H1 2011 revenues are up 28% to US$ 1,720 million (H1 2010: US$ 1,342 million), driven by solid performances in both passenger and cargo activities.

A 2% reduction in costs per available seat kilometre, despite large increases in oil prices, also helped deliver a positive EBITDAR (earnings before interest, tax, depreciation, amortisation and rentals) in the six months from 1 January 2011 for the first time.

The results mark continued progress towards the airline’s goal of breaking even this year and moving into sustainable profitability in 2012.

James Hogan, Etihad Airways Chief Executive Officer, said the results were achieved despite a still fragile economy and, at times, difficult operating conditions.

The airline is now preparing to significantly expand its global network. Last week, flights to two new Chinese destinations, Chengdu and Shanghai, were announced and services to Male and the Seychelles will start on 1 November 2011.

“We are determined to build a schedule which increases customer choice and attracts local point-to-point traffic in line with the Abu Dhabi 2030 plan,” Hogan said. “Also, we will continue to connect our high growth and emerging markets to Abu Dhabi and the world by linking them through the UAE capital while at the same time expanding our high value premium markets and traffic flows.”

Hogan said passenger revenues rose 21% on the back of a 14% growth in passenger numbers to 3.8 million and 5% growth in passenger yield.

Despite political unrest in the Middle East and the Japanese earthquake, seat factor increased to 72.9% (H1 2010: 72.5%).

Etihad’s cargo operations also enjoyed strong growth with revenues up by 32% in the first half of the year, bolstered by improvement in tonnage and yields.

 “This is a wonderful achievement and Etihad Crystal Cargo plays a hugely important part in the on-going success of the airline as it now contributes 20% of our direct operating revenue,” Hogan said.