Etihad reports best first quarter ever
21 Apr 2011
Saying the year's first three months represented its "most successful first-quarter to date" Abu Dhabi-based Etihad Airways reported a 21.2% year-over-year rise in first-quarter revenue to $770 million.
Though the carrier did not disclose Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring or Rent (EBITDAR) figures for the period, it said it was positive and put it on course to reach its goal of breaking even this year and becoming profitable in 2012.
It said passenger revenue was up 15% on the back of a 10.6% growth in passengers carried, which totalled 1.9 million.
Load factor was 72.7%, down 2.4 points.
Cargo revenue was up 44% year-over-year with a 22% hike in capacity.
"Our revenues continue to grow faster than our passenger numbers and, thanks to our robust cost controls, we are seeing a real benefit in our overall performance," said CEO James Hogan, noting the results were achieved "despite significant challenges" in the operating environment.
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