Etihad celebrates second profitable year in 2012
By: Ruchi Schroff
Etihad Airways was profitable again in 2012, following a maiden profit of $14 million in 2011.
President and CEO James Hogan said that more details of the financial results would be released in February.
“We are set to post our second successive profit which is rare in the current uncertain economic climate and illustrates the impact and success that the Etihad Airways’ unique business model has made,” Hogan said at the Global Airfinance Conference in Dublin.
Hogan also discussed Etihad's financial portfolio of more than $6.5 billion in funding from more than 50 financial institutions across the world. The airline carried 10.29 million passengers in 2012.
In related news, Etihad plans to increase capacity on its Abu Dhabi-Dublin route from July 2. A Boeing 777-300ER will operate on six weekly flights, increasing capacity by 900 seats. An Airbus A330-200 will operate the remaining four flights.
"Ireland is an important market and country for Etihad Airways and this can be seen in our investments which include our line maintenance facility at Dublin Airport, the opening of a premium lounge at Terminal 2 in 2011, as well as cultural partnerships with the Irish Museum of Modern Art (IMMA), the GAA All-Ireland Senior Hurling Championship, and The Gathering Ireland 2013," Hogan said.