Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Etihad Posts Record Passenger Revenue on Partner Contributions

Don't Miss Out —
Follow us on:

Oct. 7 (Bloomberg) -- Etihad Airways said growth from codeshare and equity partners raised passenger revenue to a record $1.03 billion in the third quarter as more than 3 million people flew with the third-biggest Gulf carrier.

Total third-quarter revenue rose 11 percent to $1.41 billion, with the contribution from alliance partners jumping 36 percent to $247 million, the Abu-Dhabi based carrier said today in a statement. Partnerships accounted for 23 percent of passenger revenue.

“In addition to our own growth in 3Q, we continued to develop our partnership strategy,” Chief Executive Officer James Hogan said in the statement. Hogan said Etihad progressed its plans to acquire 24 percent of Jet Airways in the first offshore investment in an Indian airline under the country’s Foreign Direct Investment legislation.

Etihad won approval from the Indian government to invest in Jet Airways on Oct. 4, paving the way for the first share sale by a carrier in India to a foreign airline since restrictions were eased last year. The approval will result in a $332 million investment. Etihad has 46 codeshare agreements, expanding its virtual network to 375 destinations, it said.

The carrier’s network of equity partners, an unusual trend among major airlines, which tend to focus more on global alliances and joint ventures, will probably be expanded after Etihad agreed to invest in Air Serbia and increased its share in Virgin Australia to 17 percent from 11 percent.

Etihad’s load factor -- a measure of seat occupancy -- was unchanged at 81 percent, while cargo revenue gained 39 percent to $244 million.

To contact the reporter on this story: Deena Kamel Yousef in Dubai at dhussein1@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.