Etihad Airways Enjoys Record Q3

In Q3 2011, Etihad Airways’ revenues grew 39% year-on-year to US$ 1.1 billion on passenger numbers up 18% to 2.25 million in the airline’s strongest ever third quarter.

Seat factor increased by 3.8% to 80.7%, the highest quarterly result in its history, and while operating costs rose 12%, on a 12% rise in capacity, non-fuel costs rose only 7%. The airline has 81% of its fuel hedged for the rest of 2011.

“Despite the continuing challenges of high fuel prices and economic downturn in many of the markets in which Etihad operates, we are seeing strong growth in all our key commercial indicators,” said Etihad’s Chief Executive Officer, Mr James Hogan. “We are doing this by creating and marketing the world’s leading air travel product, while maintaining a rigorous focus on costs. Our clear target is to break even in 2011 and this is another big step in the right direction for us. We are well on track to delivering a continuing financial return to our shareholder.”

The quarter saw consistently strong performance across all markets. Particularly popular routes included those to the Americas (New York, Chicago and Toronto), Asia Pacific (Bangkok, Jakarta, Kuala Lumpur, Colombo, Manila, Sydney and Melbourne), Cairo, London, Dublin, Athens and Istanbul.

Etihad has added six aircraft to its fleet in the last 12 months, enabling the airline to build greater depth into its schedule and increase weekly frequencies to key markets including Paris, Manchester, Milan, Geneva, Brussels, Bangalore, and Manila.

In the coming months Etihad will begin flying to six new destinations: the Maldives (from 1 November), the Seychelles (2 November), Chengdu in China (15 December), Düsseldorf (16 December), Shanghai (1 March 2012) and Nairobi (1 April 2012).

“Next year we take delivery of another seven passenger aircraft – four B777-300ER aircraft, plus three A320-200s – so the careful, strategic expansion of our global network will continue apace,” Mr Hogan said.

Etihad Crystal Cargo also performed well during Q3 2011, with revenue up US$ 37 million to US$ 168 million, supported by a 16% year-on-year growth in tonnage from 66,916 to 77,623 tonnes and a 10% year-on-year increase in average yields.

In July, Almaty became a freighter destination, while a new Boeing 777 freighter entered service which now operates six times a week to Shanghai. In September, Etihad expanded its Johannesburg operations to include a twice weekly dedicated freighter operation.

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