Etihad 2Q net income up 31% on codeshares, partnerships

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Published: July 5, 2012

Etihad Airways A330-200. By Rob Finlayson

Etihad Airways (EY) reported a second-quarter net income of $ 1.25 billion, up 31% from $ 957 million year-over-year, contributing to a 30% increase in first-half revenues to $ 2.24 billion, compared to $ 1.73 billion in the year-ago period. 

The airline said the record results were largely attributed to its growing network of codeshares and strategic partnerships, which together fed 800,000 passengers into EY’s network in the last six months, contributing $ 281 million.

During the quarter, EY took minority equity stakes in Aer Lingus (ATW Daily News, May 3) and Virgin Australia (ATW Daily News, June 11), adding to its existing minority shareholdings in Air Berlin and Air Seychelles. Together, the five airlines carried 72 million passengers in 2011, generating combined revenues of more than $ 14 billion.

EY’s passenger numbers increased 34% in the second quarter to 2.55 million, transporting 4.89 million passengers for the first half. This growth is attributed to increased overall capacity and improved seat factors.

Second-quarter ASKs were up 25% to 15.2 billion, compared to 12.2 billion in the year-ago quarter, as its fleet increased to 67 aircraft, up from 61 in the same period last year.  RPKs rose 33% to 11.8 billion, compared to 8.9 billion year-over-year.

EY president and CEO James Hogan said EY was on track for a successful full-year performance, despite the challenging market conditions.

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