Tag Archives: Etihad

Shares in India’s Jet slide on Etihad deal worries

Jet-AirwaysMUMBAI: Shares in Jet Airways plunged nearly six percent Friday on concerns over whether India’s second largest private airline will clinch a stake sale to Abu Dhabi-based Etihad Airways.

Shares fell 6.19 percent before recovering slightly to close down 5.81 percent at 527.35 rupees as a media report said “fresh hurdles” had emerged in talks with the Gulf carrier over its plans to buy a stake in Jet.

“Etihad has put a host of conditions, including an option to buy up to 49 percent stake in Jet,” the Business Standard said on Friday, citing an unnamed source.

The Gulf airline also wants operational control and a representation on Jet’s board, the newspaper said. The Indian carrier declined to comment on the report.

Several Indian airlines have been in talks with foreign carriers after the government last year opened up the aviation sector further to allow non-Indian airlines to invest in their counterparts in the country.

Indian carriers need money to fund expansion and cut debt after years of losses caused by intense air-fare battles and rising fuel costs.

The Jet-Etihad development comes after Asia’s biggest low-cost airline, AirAsia, this week announced plans for a no-frills carrier in the country with India’s Tata conglomerate.

The venture awaits government and regulatory approval.

Copyright AFP (Agence France-Presse), 2013

Etihad Airways trebles profit last year

Etihad Airways has trebled its profits, making $40 million in 2012 while many airlines recorded losses.

The national carrier of the United Arab Emirates says a 17 per cent rise in revenue to $US4.8 billion ($4.6 billion) saw its profits rise 200 per cent to $US42 million ($40 million) last year.

The airline says its bottom line received a strong boost from its partnerships and codeshares, which contributed more than $US600 million in revenue.

Etihad holds a 9 per cent shareholding in Virgin Australia, along with 40 per cent ownership of Air Seychelles, around 29 per cent of airberlin and 3 per cent of Aer Lingus.

The airline’s chief executive, James Hogan, says taking out equity stakes in some of its partner airlines has been a profitable move.

“We have delivered improved net profit, the second consecutive year we have been in the black, a remarkable achievement given the youth, ambitious growth and ongoing investment made by this airline in a challenging global economic environment,” he noted in the profit report.

“We have taken great strides in building the industry’s first equity alliance, with our investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus, which are contributing significant value to our business.”

UAE’s flag carrier says it cracked the 10 million passenger mark for the first time last year, with its fleet of 70 aircraft carrying 10.3 million travellers.

It is planning further expansion, with more than $US6.8 billion in total loans to fund its growth, including 14 new aircraft this year.

The company also says its profit result was also boosted by a 5 per cent reduction in non-fuel costs relative to its capacity.

Topics: business-economics-and-finance, company-news, air-transport, united-arab-emirates

First posted February 04, 2013 16:45:00

India’s Jet Airways shares jump on Etihad deal hopes

Jet-Airways 400MUMBAI: Shares of India’s Jet Airways rose as much as 4.7 percent on Monday to a near two-year high, and were headed for a fifth straight session of gains, on growing expectations that Abu Dhabi’s Etihad Airways will buy a stake in the carrier.

India’s Mint newspaper reported on Monday, Etihad may decide as early as this week whether it will invest in Jet Airways or Kingfisher Airlines, citing two people familiar with the development who requested anonymity.

Jet declined to comment.

Jet was up 4.3 percent as of 0557 GMT, after earlier hitting its highest since January 2011. Shares have surged 18 percent over the prior four sessions.

Copyright Reuters, 2012

Etihad buying majority of Air Berlin loyalty programme

Etihad-Airways FRANKFURT: Gulf carrier Etihad is buying a 70 percent stake in Air Berlin’s frequent-flyer programme, injecting cash into the loss-making German airline as it struggles to return to profit.

Germany’s No.2 airline after Lufthansa said on Tuesday it expected cash proceeds of 184.4 million euros ($242.7 million) from the sale of the ‘topbonus’ programme – more than the whole company’s market value.

The move comes a year after Abu Dhabi-based Etihad bought about 29 percent of Air Berlin and agreed to grant the carrier up to $255 million in loans.

Middle Eastern carriers are building alliances and investing in new routes and new aircraft to divert a thriving traffic flow between Europe and Asia to their hubs and lure passengers with lower prices as well as better food and inflight service.

Emirates, the biggest Gulf carrier in terms of fleet and number of routes, has formed an alliance with Australian carrier Qantas, and Qatar Airways is joining the oneworld alliance, which includes British Airways.

Under Tuesday’s deal, Air Berlin will keep 30 percent of the ‘topbonus’ programme, which has 3.1 million members, and will have the right to repurchase 10 percent from Etihad next year.

The deal, which gives the programme an enterprise value of 200 million euros, is to be completed by the end of the month.

“Good news for Air Berlin shareholders because the amount … is quite substantial and at the upper end of market expectations,” DZ Bank analyst Robert Czerwensky said.

Shares in Air Berlin were up 5.8 percent at 1.60 euros by 1025 GMT. The stock has lost almost 40 percent of its value this year, giving Air Berlin a market value of 177 million euros.

The airline, which has not made an operating profit since 2007, is struggling to recover after racking up debt in a few years of rapid expansion and said on Tuesday it would announce details of its new savings programme early next year.

At the end of September, its net debt stood at 853 million euros, about four-and-a-half times shareholder equity, though the sale of the ‘topbonus’ programme will almost double equity.

Airlines use frequent flyer programmes both to retain customers by offering them rewards for repeat bookings and to generate revenue. For instance, hotels, restaurants and credit card companies may buy frequent flyer miles from airlines to offer to their customers as an incentive to spend money.

Air Berlin said the sale of the programme will have a positive effect on earnings after five years and increase the value of the stake it retains.

Copyright Reuters, 2012

Etihad seeks to buy Air Berlin

Frankfurt: Gulf carrier Etihad Airways intends to take control of Air Berlin’s frequent flyer loyalty programme Topbonus Ltd, according to a filing placed with competition regulator the Austrian Cartel Authority on Wednesday.

Air Berlin said last month it was in advanced talks to sell a majority shareholding in TopBonus and that it expected to conclude a deal by the end of this year. It declined to give details on the potential buyer at that time.

Asked to comment on Wednesday, Air Berlin and Etihad, which owns a 29.12 per cent stake in the German carrier, only said they would disclose more details once negotiations were concluded.

The Austrian regulator said on its website that it was informed of the merger plans on December 4.

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Air Berlin, which has not made an operating profit since 2007, plans to disclose details of a plan to rationalise the business by the end of the year.

The airline, Germany’s second biggest after Lufthansa , had said last month it was confident the sale of TopBonus would help narrow the operating loss for this year.

Its shares were up 0.4 per cent at 1.36 euros at 1204 GMT.

Etihad Rail signs MoU with Dubai-based Sharaf Logistics

Abu Dhabi: Etihad Rail, today announced the signing of a Memorandum of Understanding (MoU) with Sharaf Logistics, to transport its customers’ goods.

The agreement comes at a time of rapid progress for Etihad Rail, with construction on Stage One underway and tendering for Stage Two in progress.

Commenting on the MoU, Shadi Malak, Executive Director-Commercial, Etihad Rail, said: “We are delighted to be working with Sharaf Logistics to provide them with a safer, more efficient and more environmentally-friendly way of transporting their customers’ goods. It is an honour to partner with another local company that contributes to the country’s growth and economic development, and we are confident this agreement will bring positive impact to their customers, further contributing to the UAE’s development as a regional hub for freight transport.”

Managing Director of Sharaf Logistics, Johan Bergwerff added: “We are very proud to be associated with the Etihad Rail project and eager to continue being engaged as it further develops, and we look forward to experiencing the newer and more efficient transport avenues that we anticipate will change the way we do business.”

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Upon completion, the Etihad Rail network, which will cater to both freight and passengers, will span a total of 1,200 km across the Emirates. It will connect urban and remote communities, facilitate trade, open up communication channels and foster economic development. The network will also form a vital part of the GCC Railway Network — linking the UAE to Saudi Arabia via Ghweifat in the west and Oman via Al Ain in the east.

Etihad Airways named best long-haul airline

Abu Dhabi: Etihad Airways has won Best Long-haul Airline at Belgium’s 15th annual Travel Magazine Awards, held in Antwerp.

This is the first time Etihad Airways has won the prestigious Belgian travel industry award, beating five other long-haul carriers operating to and from Brussels International Airport.

The judging panel consisted of almost 400 Belgian travel industry professionals, tour operators, travel agencies, airlines, and cruise lines.

Etihad Airways’ Chief Commercial Officer, Peter Baumgartner, said the airline was delighted to win the coveted title.

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“This award cements us as the airline of choice for long-haul guests travelling to and from Brussels, a strategically important market for Etihad Airways.

“It is testament to the strength and success of our whole product experience, whether it be Diamond First, Pearl Business, or Coral Economy. The award also recognises our success in inspiring our guests from the moment their journey begins, right through to journey’s end — in the air and on the ground.”

Etihad Airways operates eight times a week between Brussels and Abu Dhabi, offering onward connections to more than 80 destinations.

Etihad promotes partnership as a strong business model

Dubai: Etihad Airways, which will launch flights to Washington in March next year, is eyeing further expansion in North American markets, a top official said,

The expansion comes amid growing trade between the United States and the UAE totalling $18.3 billion in 2011.

“As we build our operations at Washington, D.C., we are also keen to expand further in the US and are examining a number of other destinations, particularly on the West Coast,” James Hogan, Etihad Airway’s CEO, told businessmen in Washington on Wednesday.

“Building complementary networks to support business and passenger flows across the globe is a key part of Etihad Airways’ hub strategy — the growing number of connections between the US and India is a perfect example of this.”

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The aviation industry which is driving the change in global business, is still governed by the rules of 1945 — the pre-jumbo jet era — which needs to change, a top airline official said.

“But many of the rules that we operate under have not. This is an industry that has lost more money than it has made in more than a hundred years of operation. The result is an industry which remains heavily regulated and commercially prejudiced,” Hogan said.

Etihad carried 1.5 million passengers to New York and Chicago.

The Abu Dhabi-based national carrier of the UAE that has completed nine years, currently serves 10 million passengers annually to 86 destinations with 67 aircraft. In 2011, Etihad delivered $4.1 billion in revenues, up 37 per cent over 2010. It has become profitable when most airlines are struggling.

The company has started to create strong partnership with other airlines to reach out to increased number of passengers.

“I don’t say we have created an airline, I say we have created a business,” Hogan said, explaining the new business model. “Despite our relative youth as a business, and despite our continued and significant investment in new routes, new services and new infrastructure, we delivered a profit.”

Etihad signs codeshare deal with Garuda Indonesia

 Image Credit: Abdul Rahman/Gulf NewsJames Hogan,(2nd left),President and CEO of Etihad Airways, and Emirsyah Satar, (2nd right), President and CEO of Garuda Indonesia are seen after they signed an agreement of their partnerships.

Abu Dhabi: strategy Etihad Airways on Thursday signed a codeshare agreement with the Indonesian national carrier, Garuda Indonesia, continuing its growth strategy by way of forming partnerships.

The agreement, which comes into effect on October 28, is Etihad Airways’ 42nd codeshare and Garuda Indonesia’s 11th.

“This enables us to sell from our worldwide network not only the capital Jakarta, but also Bali is also an important destination,” said James Hogan, Etihad Airways President and Chief Executive Officer told reporters on Thursday during a press briefing.

He added that Indonesia, the world’s fourth most populous nation, is an “important source of tourism growth”.

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“Both airlines are well positioned to benefit from the increasing demand for business and leisure travel between Indonesia and the Middle East and Europe. It also opens up more of Indonesia to visitors from overseas, particularly with the addition of Bali,” he said.

In the first phase of the partnership, Etihad Airways will place its ‘EY’ code on Garuda Indonesia’s services between Jakarta and Denpasar (Bali), and Jakarta and Kuala Lumpur.

Subject to regulatory approval, Garuda Indonesia will place its ‘GA’ code on Etihad Airways’ flights from Jakarta to up to 31 destinations in the Middle East, Europe and North America.

Emirsyah Satar, President and CEO of Garuda Indonesia, told reporters that with the partnership with Etihad Airways, Indonesians will be able to go anywhere in the world from Abu Dhabi.

Garuda, a public listed company, currently has a fleet of 94 aircraft which is expected to reach 194 by 2015. Next year, the airline will be receiving the delivery 24 new aircraft, according to Satar. “We are putting much capacity into the region, into Asia,” he said.

The agreement will enable 11 flights a week between Jakarta and Abu Dhabi as of December 2 this year, Hogan said.

“As we synchronise and build, there’s the opportunity for trade, for tourism, for investment which we see will benefit both economies,” he said.

The two airlines expect the combined load factor to be between the 78 and 80 per cent, Hogan said. “What’s more important to me is how we improve the yield and cargo opportunities too.”

Etihad currently serves 86 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and North America, with a fleet of 67 aircraft. The airline holds equity investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus.

Garuda Indonesia, meanwhile, is a full-service carrier serving 32 domestic and 18 international destinations.

Etihad in codeshare deal with Garuda

Dubai: Abu Dhabi flag carrier Etihad Airways will announce a codeshare agreement with Indonesian airline Garuda, under which the two airlines will share flights, a source familiar with deal said on Wednesday.

The source declined to be named before the announcement and an Etihad spokesman said he could not comment.

Etihad had said in a brief emailed statement that it would sign a partnership agreement with Garuda on Thursday, but it gave no details of the deal.

Chief Executive James Hogan and his Garuda counterpart Emirsyah Satar will sign the agreement in Abu Dhabi, Etihad said.

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Earlier this year, Etihad sealed a codeshare deal with Air France-KLM.

Etihad not interested in majority ownership, CEO says

Abu Dhabi: Etihad Airways Chief Executive Officer James Hogan said on Tuesday that the Abu Dhabi-based airline has been approached by “all Indian carriers” for the possibility of buying stake.

“All the Indian carriers have approached us and we continue to evaluate the impact of FDI [Foreign Direct Investment],” Hogan told reporters Tuesday on the sidelines of a conference in Abu Dhabi.

When asked how many airlines, Hogan said, “quite a number.”

Last month, the Indian government lifted a ban on foreign airlines investing in its carriers, allowing them to invest up to 49 per cent. The lifting of the ban is expected to help the domestic airline industry in India.

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Etihad has been on an acquisition drive in recent months, taking minority equity stakes in Virgin Australia and Aer Lingus, in addition to raising its stake in Air Berlin, Europe’s sixth largest airline, and Air Seychelles.

Hogan had previously said that the airline would look into further investments if the right opportunity arises.

When asked about Aer Lingus, Hogan said that the airline would consider buying the Irish government’s 25 per cent stake in Aer Lingus if the government approaches the carrier.

“If the Irish government approached us to look at the stake, then we would do so. But they have still not approached us,” he said.

When asked, Hogan said the airline had no interest in Portugal’s TAP. “We are a codeshare partner already with TAP,” he said. “Strategically, we do not see the value of investing in TAP.”

When asked if the airline would be interested in owning a majority stake in the companies in which it has minority stake at the moment, Hogan said that majority ownership is not the airline’s intention.

“Everything we do is a minority stake. What we don’t want to do is take control,” he said.

Speaking at the IATA World Passenger Symposium, Hogan said that the focus is shifting from the traditional, more established markets to the emerging economic powerhouses in the Middle East, Asia, South America and Africa. “In an uncertain world, the Middle East is one of the “strong pockets” for growth in aviation,” he said.

The airline, which had revenues of $4.1 billion in 2011, generated $281 million in revenues from partnerships in the first half of 2012. The airline expects to cross the $5 billion mark in revenues this year.

Next year, Etihad is expected to take delivery of 13 aircraft, a mixture of Boeing 777 and A320, A321. The carrier currently runs a fleet of 57 aircrafts.

Etihad Rail signs logistics deal with GSL

Abu Dhabi: Etihad Rail — the master developer and operator of the UAE’s national railway network om Monday announced the signing of a Memorandum of Understanding (MoU) with Dubai-based Global Shipping & Logistics LLC (GSL), a subsidiary of the Al Shirawi Group of companies and a leading third party logistics provider.

The agreement will see GSL use the Etihad Rail network for cold chain — a temperature-controlled supply chain — for which rail brings many benefits.

The MoU, which was signed by Dr. Nasser Saif Al Mansouri, CEO of Etihad Rail, and Khalid Al Shirawi, CEO of GSL, is a strategic move for GSL, whose client base includes international and local brands of premium restaurant chains and food items. The agreement will offer GSL’s clients a lower risk cold chain, particularly over long distances, and with a safer, more efficient, and more environmentally-friendly mode of transport than trucks.

Since its inception in 1975, GSL has been a key player in the burgeoning third party logistics sector of the UAE. The company has now established itself as a complete supply chain management solution provider, boasting state-of-the-art facilities for customers’ complex cold and temperature-controlled warehousing, freight management and distribution requirements.

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“Etihad Rail aims to offer customised solutions to UAE businesses to foster growth within the UAE. We are proud to provide GSL — a leading UAE-based third party logistics provider — reach into the Mena [Middle East and North Africa] region and Asia with a sustainable transportation solution that will positively impact their customers and the UAE community,” said Al-Mansoori,

“We anticipate that using rail will create a lower cost and more reliable and effective cold chain for our customers, in particular those who are distributing perishable goods to the GCC market,” said Al Shirawi.

Monday’s signing with GSL follows Etihad Rail’s recent MoU signings with HOYER Global Transport and DHL. HOYER Global Transport will use the railway for the transport of liquid bulk, and DHL will use the railway network to meet its customers’ growing logistical needs. Etihad Rail has also signed agreements with other customers across a range of industries including Al Dahra, Emirates Steel, Arkan, etisalat and du. While Al Dahra will use rail to transport hay, Emirates Steel and Arkan plan to transport their raw and finished materials via the railway, and du and etisalat will benefit from access to the network’s infrastructure to expand their growing network and customer base.

Upon completion, the Etihad Rail network — which will cater to both freight and passengers — will span a total of 1,200 km across the Emirates. It will connect urban and remote communities, facilitate trade, open up communication channels and foster economic development. The network will also form a vital part of the GCC Railway Network — linking the UAE to Saudi Arabia via Ghweifat in the west and Oman via Al Ain in the east. Construction work on Stage One, which links Shah and Habshan to Ruwais, is well underway, and the tendering process is already in progress for Stage Two, which will connect the railway to Mussafah, to the Gulf ports (Khalifa and Jebel Ali Ports) and the Saudi and Omani borders.

Support services: Etihad Towers picks Emrill

The facilities management company Emrill has won the support services contract for the Etihad Towers in Abu Dhabi. The 5.8 million square feet property includes one commercial and three residential towers, which together represent 885 upscale residences. “After a thorough evaluation of the unique community and its requirements, we are certain that our services go hand in hand with the attention given to every detail of this development,” said Ben Lilley, Emrill’s Abu Dhabi general manager.

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Etihad in codeshare partnership with Air France-KLM

Dubai: Taking its codeshare and partnership strategy a notch up, Etihad Airways on Monday said it has signed a codeshare partnership with Air France-KLM, due to take effective on October 28.

The move comes a day after Etihad said its codeshare and partner revenues grew 51 per cent to $182 million (Dh668 million) in the third quarter, boosting overall revenues by 19 per cent to $1.3 billion.

The deal enables Etihad to further extend its global reach to a combined network of 321 destinations, Etihad said, adding it would see the two carriers offering joint codes on destinations in Europe, the Middle East, Asia and Australia.

Etihad holds equity investments in airberlin, Air Seychelles, Virgin Australia and Aer Lingus.

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Etihad also announced the new codeshare agreement between Air France and airberlin.

Etihad holds a 29.21 per cent stake in the German carrier.

The agreement would allow customers of the French and German carriers to fly on all routes they serve.

“Partnerships are delivering a major source of our revenue growth, by extending our network reach. This year to date, they are providing 18 per cent of our revenues and will be a major contributor to our sustained profitability growth this year and into the future,” James Hogan, Etihad Airways’ President and Chief Executive Officer, said in a statement.

“Gulf carriers have now officially changed the face of aviation. It is cheaper for Etihad to do this and build its network this way, and it is the only way Air France-KLM, which is facing high costs and debts to stay in the game and serve large (and growing) parts of the globe, can survive,” said aviation analyst, Andrew Charlton of Aviation Advocacy.

According to Saj Ahmad of StrategicAero Research, in the long term, this move may also open up doors for Etihad “to explore joining the Skyteam alliance”.

Other potential areas of cooperation between Etihad and Air France-KLM include joint procurement, as well as maintenance and repair collaboration, as both carriers identify cost savings and seek to benefit from economies of scale, Etihad stated, adding, the two airline groups expect to collectively carry more than 85 million passengers in 2012.

Etihad Airways, Air France-KLM unveil new strategic partnership

KARACHI: Etihad Airways and Air France-KLM have signed a historic agreement to code share on flights across the airlines networks, the first phase of a much larger strategic partnership, which commences on October 28 and will also include flights from Pakistan, according to a statement on Tuesday.

The wide-ranging code share agreement will see Etihad Airways and Air France-KLM offering joint codes on destinations in Europe, the Middle East, Asia and Australia, it said.

At the same time, Air France is announcing a new code share agreement with airberlin, Europe’s sixth largest airline, in which Etihad Airways holds a 29.21 percent stake.

James Hogan, president and chief executive officer of Etihad Airways, said: “This deal, Etihad Airways 40th code share, marks a momentous milestone for both airline groups and offers countless opportunities to develop an unrivalled commercial relationship.”

Jean–Cyril Spinetta, chief executive officer of Air France-KLM, said: “This new partnership between Air France-KLM and Etihad Airways and airberlin reflects our group’s strategic positioning to ensure the best possible services between Europe and the rest of the world, by developing our network and airline partnerships.”

From Pakistan, Air France will place its AF code on Etihad Airways flights between Abu Dhabi and Islamabad, in addition to many other cities. KLM will initially place its KL code on Etihad Airways flights between Abu Dhabi and Islamabad and Lahore, it added.

Air France-KLM, Etihad, Air Berlin in partnership

Posted by Shoaib-ur-Rehman Siddiqui

air-berlin-air-etihad-PARIS: Franco-Dutch airline Air France-KLM , Abu Dhabi flag carrier Etihad and Germany’s Air Berlin plan to start a code-share agreement offering passengers access to some of each other’s services from Oct. 28, Air France-KLM said on Monday.

The accord will enable Etihad customers to fly on KLM’s daily Amsterdam-Abu Dhabi flight, whilst Air France customers will be able to travel on the daily Etihad service between Paris and Abu Dhabi, Air France-KLM said in a statement.

“Beyond their gateways, this code-share agreement offers five destinations each to Air France and KLM passengers on the Asian and Australian market and 10 European destinations to Etihad passengers on Air France and KLM,” Air France-KLM said.

The code-share deal between Air France and Air Berlin will enable customers of both carriers to fly on all routes operated by both airlines between France and Germany. Passengers will also be able to connect to certain destinations via Paris for Air Berlin, and via Berlin or Duesseldorf for Air France.

Abu Dhabi’s Etihad Airways Q3 revs up 19pc

Posted by Shoaib-ur-Rehman Siddiqui

etiadABU DHABI: Etihad Airways, which has stakes in Aer Lingus and Virgin Australia, on Sunday reported 19 percent year-on-year growth in third-quarter revenues, helped by passenger growth due to code sharing and partnerships.

Etihad earned revenues of $1.3 billion in the third quarter, with its seat factor – the number of passengers on flights divided by the number of available seats – climbing to 81.2 percent, its highest level ever, the Abu Dhabi government-owned airline said in a statement.

Passenger revenues were boosted by code sharing, in which two or more airlines share the same flight, and partnerships; revenues from these two categories jumped 51 per cent to $182 million.

The airline’s 38 partners created a combined network of 315 destinations, more than any other Middle Eastern carrier, Etihad said.

Last year the airline carried 8.3 million passengers through its hub in Abu Dhabi; it is on track to carry 10 million in 2012.

A significant contribution came from Air Berlin, in which Etihad Airways holds a 29.2 percent stake.

The two airlines’ code sharing and joint marketing agreements have delivered $51 million in revenues to Etihad year-to-date, surpassing initial full-year estimates, it said.

“Our third quarter saw continued progress across the business, with all key indicators showing strong performance, and we remain confident of delivering full-year profitability based on current market conditions,” president and CEO James Hogan said in the statement. He did not give details of third-quarter profits.

Etihad plans to take delivery of three new aircraft in the next three months to support its network expansion.

Cargo revenues in the quarter grew 6 percent to $181 million.

Abu Dhabi’s Etihad sees 2012 revenue above $5bn: CEO

Sunday, 30 September 2012 11:59 Posted by Shoaib-ur-Rehman Siddiqui

etiadABU DHABI: Unlisted Etihad Airways forecasts its revenue will pass the $5 billion mark this year, its chief executive said on Sunday.

Abu Dhabi-based Etihad has been on an acquisition drive, taking minority equity stakes in Virgin Australia and Aer Lingus, and raising its shareholding in Air Berlin and Air Seychelles.

“We are projecting $5 billion plus revenues this year,” James Hogan, Etihad’s chief executive, told an aviation conference. “Sustainable profitability is in place”.

The airline, which had revenues of $4.1 billion in 2011, generated $281 million in revenues from partnerships in the first half of 2012, he said.

Etihad Airline to take delivery of more 777s

Tuesday, 18 September 2012 19:22 Posted by Asad Naeem

etihad 400 copyKARACHI: Etihad Airways, the national airline of the United Arab Emirates, announced its plans to take delivery of more 777s and awaits the arrival of the 787 Dreamliner.

A statement issued here on Tuesday said that last December, Etihad Airways announced it was taking its total order book for the Boeing 787-9 Dreamliner to 41, the first of which arrives in the last quarter of 2014.

It said that the order, valued at US $9.3 billion, will make Etihad Airways the largest operator of the aircraft type in the world.

The airline owns almost 30 per cent of airberlin, Europe’s sixth largest airline. In March, the two carriers announced plans to strengthen their partnership by integrating their respective Boeing 787 Dreamliner programs.

Together, Etihad Airways (41) and airberlin (15) have 56 Dreamliners on order.

Etihad Airways’ President and Chief Executive Officer, James Hogan said: `It is exciting to see these aircraft take shape and we look forward to taking delivery of nine more 777s over the next 15 months’.

Copyright APP (Associated Press of Pakistan), 2012