MANILA, Philippines - Etihad Airways has reported its most successful first quarter to date, with revenues up 21.2 percent to $770 million attributable to strong performances in both passenger and cargo traffic.
Coupled with a 5.9 percent reduction in costs per available seat kilometer, this delivered positive EBITDAR (earnings before interest, tax, depreciation, amortization and rentals) in the quarter for the first time.
The results mark continued progress towards the airline’s goal of break-even in 2011 and profitability in 2012.
Passenger revenues rose 15 percent on the back of a 10.6 percent growth in passenger numbers, to 1,854,392. Seat factor fell slightly to 72.7 percent due to the impact of Middle East unrest and the Japanese earthquake.
Etihad’s cargo revenues grew by 44 percent year on year on a capacity growth of 22 percent for the quarter, with March representing Etihad Crystal Cargo’s best month ever in terms of revenues, number of shipments and tonnage carried.