KARACHI – Etihad Airways has reported a 29.2 per cent rise in its revenues in 2010 which amounted to $2.951 billion compared to $2.285 billion in 2009. The airways significantly outpaced its capacity growth, which saw available seat kilometres (ASK) rise 19.5 percent to 45.1 billion (2009: 37.8 billion). The result marked continued progress towards the airline’s goal of break-even in 2011 and profitability in 2012.
Passenger numbers topped seven million for the first time, up 13.1 percent to 7.099 million, while seat factors increased by 0.5 percentage points, to 74.0 per cent. The airline confirmed that, as previously forecast, it had reported a positive EBITDAR (earnings before interest, taxation, depreciation, amortisation and rentals) for the full year, the first time it had achieved this since it was formed in 2003.
Etihad Airways Chief Executive Officer James Hogan said, “We continued to invest in routes and infrastructure, adding seven new destinations during the year, as well as welcoming more than 800 new employees to the Etihad family. Yet despite this, we brought our costs down whilst increasing passenger numbers and yield. “On top of all of this, we were delighted when our investment in product and customer service was recognised when we were named the World’s Leading Airline for the second year running.” Etihad launched services to Alexandria, Baghdad, Colombo, Erbil, Nagoya, Seoul and Tokyo in 2010, as well as opening new premium lounges in Dublin and Manchester. Its fleet increased by six to 57 aircraft. Hogan said the airline’s cost management program was an important element of its performance during the year.
