Etihad Posts $1.72 Billion Revenue

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Abu Dhabi?s Eithad Airways posted $1.72 billion in revenues for the first half of the year.? It reported 28 per cent growth compared to the previous year for the same period; however, the company did not specify it as a profit or loss figure for the period.

The carrier, which started its operations in 2003, witnessed a 2 per cent reduction in cost per kilometre despite increasing oil prices.

The carrier competes with other major airlines such as Emirates and Qatar Air, and aims to break-even this year.

The percentage of available seats filled during specific period increased from 72.5 per cent to 72.9 per cent, while the passenger numbers rose to 3.8 per cent; an increase of 14 per cent.

Revenues from cargo operations were also up by 32 per cent.

Unrest in Middle East have severely impacted regional carriers and could even hit the revenues anywhere by 3 to 5 per cent.

Eithad, last week, announced a naming rights deal worth $241 million with Manchester City, which witnessed the stadium being renamed? as Eithad Stadium. The deal is spread over 10 years.

Eithad also unveiled a specially liveried A330-200 aircraft to commemorate the sponsorship of Manchester City Football Club that will fly between Manchester and Abu Dhabi. The daily flight becomes effective from August 1, 2011.

The airline has a fleet of 57 Airbus and Boeing aircraft. It received 3 Airbus A330-300s and 2 Boeing B777-300ERs this year. It has also placed an order for 100 more aircrafts.

Sources: Reuters, emirates24/7

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