Etihad Airways’ revenue increases 29 per cent in Q3 2014, following accelerated passenger and cargo growth
AbuDhabi, October 17, 2014 (STAT):-Etihad Airways, the national airline of the United Arab Emirates reported total revenues of US$1.8 billion for the third quarter of 2014, an impressive increase of 29 per cent year-on-year, achieved on the back of accelerated passenger and cargo growth during the summer.
A total of 3.9 million passengers travelled with Etihad Airways between July and September this year, 30 per cent higher than the three million passengers from the same period in 2013. Etihad Cargo also outperformed the global market, carrying 144,498 tonnes of freight and mail during the third quarter, a year-on-year increase of nine per cent, on only one per cent capacity growth.
The growth in passenger demand and revenue during the three month period once again outstripped the airline’s capacity increase, highlighting the strength of its long-term growth strategy. Etihad Airways remains on track to achieve its strongest ever annual results, having carried 10.5 million passengers and almost 415,000 tonnes of cargo between January and September 2014.
James Hogan, President and Chief Executive Officer of Etihad Airways, said: “Our focus on organic growth, codeshare partnerships and minority investments in other airlines has continued to produce strong results, despite the prevalence of industry challenges such as volatile oil prices, economic and political instability, overcapacity in the market, and access constraints.
“We are confident about sustaining our profitability in 2014 and there are a number of important milestones in the final quarter, including the entry into service of Etihad Airways’ ground-breaking Airbus A380 and Boeing 787-9 Dreamliner in our striking new livery. These aircraft will feature our next generation First, Business and Economy Class products, together with The Residence by Etihad™, the world’s first three-room private cabin. In addition, we will introduce Phuket, San Francisco and Dallas into our network over the remainder of this year.”