Etihad Airways' half yearly revenues up 28%

Tuesday 08 July 2014 11.58
Etihad Airways reports a 28% surge in revenues in the first half of 2014
Etihad Airways reports a 28% surge in revenues in the first half of 2014

Abu Dhabi's Etihad Airways today posted a 28% surge in revenues in the first half of 2014, hitting $3.2 billion, with passenger and cargo volumes up. 

The fast-growing carrier said it experienced its "strongest ever performance for the six-month period," with passenger numbers rising 22% to 6.7 million, compared to the first half of 2013.

It did not say whether it had registered any profits or losses. 

Etihad Cargo also carried 25% more freight in the same period, the Abu Dhabi-owned company said in a statement. 

The company is turning Abu Dhabi into a major travel hub on the route between the West, and Asia and Australasia. 

"At a time when the global airline industry has struggled with high fuel prices, intense competition and a slowdown in the cargo market, Etihad Airways has achieved record success, carrying more passengers and cargo to more destinations around the world, with our biggest fleet to date," said chief executive officer James Hogan. 

Etihad carried 11.5 million passengers last year, earning $6.1 billion in revenues, of which it kept $62m as profit. 

The company agreed last month to acquire 49 percent 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. 

The airline owns 3% of Aer Lingus, 29% of Air Berlin, 40% of Air Seychelles and 19.9% of Virgin Australia. It also owns a 24% stake in India's Jet Airways.