Etihad Airways revenues sky rocket by $1.8 billion in Q3

497Etihad Airways, the national airline of the UAE, has reported total revenues of $1.8 billion for the third quarter of 2014, an 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 3 million passengers for 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 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, the airline said.

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’ 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’ - a three-room private cabin that boasts a living room, separate double bedroom and ensuite shower, together with a personal butler service. In addition, we will introduce Phuket, San Francisco and Dallas into our network over the remainder of this year,” he said.

Etihad Airways’ passenger carrying capacity, measured in available seat kilometres (ASK), was 22 billion by the end of Q3 2014, an increase of 16 per cent over the same period last year. The airline’s fleet expanded to 105 aircraft, with three aircraft delivered in the third quarter.

An additional five aircraft are scheduled to be received in the final quarter of 2014, including Etihad Airways’ first Airbus A380 and Boeing 787, which will commence operations in December.

In Q3 2014, Etihad Cargo optimised scheduling and connections globally, launched new freighter services to Moscow, Russia and Hanoi, Vietnam; increased frequencies on its existing freighter route to Milan, Italy; and deployed a new A330-200 Freighter. A specialist equine service was also unveiled for the transportation of horses and other similar species by air. The ‘SkyStables’ service is being rolled-out across Etihad Cargo’s scheduled network of 44 freighter destinations, with personalised charter services available to other cities around the world.

Cargo revenue was $284 million in the third quarter of 2014, a year-on-year increase of 16 per cent. Etihad Cargo remains on track to become a billion dollar business in 2014, having reported $804 million in revenue during the first three quarters of the year, the airline said.

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