Revenues at Etihad Airways soar during third quarter

Etihad Airways, which owns a 4.11 per cent stake in Aer Lingus, has reported revenues that were 29 per cent higher in the third quarter.

The Abu Dhabi state-owned airline said total revenues for the three-month period totalled $1.8 billion. It attributed the rise in revenues to a sharp rise in passenger numbers and cargo growth over the summer.

Etihad said 3.9 million passengers travelled with the airline between July and September this year, a 30 per cent rise on 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.

Cargo revenue was $284 million in the third quarter, 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’s 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.

Etihad said it 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.

"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," said president and chief executive James Hogan.

Etihad is the third-largest airline operating out of the Persian Gulf behind Emirates and Qatar Airways, but it is the fastest growing. In addition to its stake in Aer Lingus, Etihad also holds equity investments in airberlin, Air Seychelles, Virgin Australia, Air Serbia and Jet Airways. It recently acquired a 49 per cent stake in Italy's Alitalia.

The airline’s workforce grew to 22,886 employees by the end of the third quarter, up 38 per cent year-on-year. Part of this increase was due to tits acquisition of Abu Dhabi Aircraft Technologies from Mubadala earlier this year.

Etihad Airways began operations in 2003, and in 2013 carried 11.5 million passengers. From its Abu Dhabi base the airline flies to 110 destinations. The airline has a fleet of 105 Airbus and Boeing aircraft, and more than 200 aircraft on firm order.