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Business

Etihad announces strong Q1 performance

The Philippine Star

MANILA, Philippines - Etihad Airways, the national airline of the United Arab Emirates, announced yesterday its strongest ever first quarter passenger and cargo volumes, together with $1.4 billion in total revenues during the three-month period, marking a year-on-year increase of 27 percent.

A total of 3.2 million passengers travelled with Etihad Airways during the first quarter of 2014, over 14 percent more than the 2.8 million passengers in the same period last year. The growth rate is more than double a recent estimate from the International Air Transport Association (IATA) that passenger demand will increase 5.8 percent this year on a global basis.

Etihad Cargo also outperformed the global market, carrying 127,821 tons of freight and mail in the first quarter. This marks a year-on-year increase of 26 percent, almost seven times higher than IATA’s prediction that the international cargo market will grow by four percent in 2014. The airline’s cargo revenue also increased by 26 percent to $243 million, placing Etihad Cargo on track to become a billion dollar business in 2014.

James Hogan, president and chief executive officer of Etihad Airways, said: “Although the global airline industry has faced challenges such as higher-than-expected fuel prices and fierce competition in key international markets during the first quarter of 2014, we have continued to outperform the passenger and cargo markets, and raise the bar even further for Etihad Airways.

Etihad Airways’ volumes were boosted by the fast-paced growth of its international route network, with 95 destinations operational by the end of Q1 2014 – an increase of six compared to the same period in 2013. Network highlights in the first quarter included the start of a daily service to Medina, Etihad Airways’ fourth destination in Saudi Arabia, while frequencies increased on six existing routes, including New York in the US, Munich in Germany, Colombo in Sri Lanka, and Chengdu in China. The airline will commence services to eight more destinations over the remainder of 2014, increasing its global network to 103 by the end of the year.

 

ETIHAD

ETIHAD AIRWAYS

ETIHAD CARGO

INTERNATIONAL AIR TRANSPORT ASSOCIATION

JAMES HOGAN

NEW YORK

SAUDI ARABIA

SRI LANKA

UNITED ARAB EMIRATES

YEAR

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