Etihad Airways records profit in 2012

Etihad Airways records profit in 2012 Dubai: Abu Dhabi-based Etihad Airways was profitable again in 2012, following its maiden profit in 2011 of USD 14 million, the airline's President and Chief Executive James Hogan has said.

Further details of the airline's financial results would be released next month, Hogan said Addressing the Global Airfinance Conference in Dublin.

Hogan spoke of the carrier's strong financial portfolio with more than USD 6.5 billion in funding from more than 50 financial institutions across the world.

He also gave details of how major financial market risks, including fuel, foreign currencies, interest rates and emissions, are managed.

"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 added that Etihad Airways has identified a new route to global expansion, allowing it to accelerate even further its development as an airline and as a business.

This includes organic fleet and network growth, wide- ranging codeshares, and strategic equity partnerships. These all come together to create a virtuous circle of growth opportunities for the airline and its partners.

Hogan told the delegates how Etihad Airways' focus on cost control and the creation of value and scale had helped drive its impressive expansion.

Etihad Airways funding is derived from more than 50 lenders and lessors from local, regional and global sources.

Hogan said there would be a continued focus on diverse sources, focus on residual value risk, as well as the importance of key relationships with financial institutions.

"Etihad Airways has achieved double-digit passenger and revenue growth in recent years and established world-class product and service. This could not have been achieved without the airline earning the confidence of the leading global financial institutions," Hogan said.

PTI