Etihad forecasts increased annual profit

Abu Dhabi
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Etihad Airways expects to remain in the black for the third year in succession and report an improved result over 2012.

The Abu Dhabi carrier, which launched in 2003, made its first net profit in 2011 and grew this 200% to $42 million last year. In 2012, revenue rose 17% to $4.8 billion.

Etihad’s chief executive James Hogan expects the 2013 result to show another improvement. “We’re on track for profitability this year,” he says. “It will be better than last year.”

The government-owned airline has been developing what it dubs a “partnership and equity investment strategy” to help it rapidly achieve scale on a global basis. It now holds minority stakes in five carriers – Aer Lingus, Air Berlin, Air Seychelles, Jat/Air Serbia and Virgin Australia – and is finalising the acquisition of a shareholding in India’s Jet Airways.