The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
ABU DHABI / WAM
Etihad Airways, the national airline of the United Arab Emirates, on Wednesday announced its strongest annual financial results to date, with a net profit of US$103 million on total revenues of US$ 9.02 billion.
The performance, which marked the airline’s fifth consecutive year of net profitability, also saw earnings before interest and tax, EBIT, of US$259 million, and earnings before interest, tax, depreciation, amortisation and rentals, EBITDAR, of US$1.4 billion, representing 16 percent of total revenues.
James Hogan, Etihad Airways President and Chief Executive Officer, said, “Our mandate is to build a sustainably profitable airline. A fifth year of net profits, with our best annual financial performance to date, shows that we are delivering against that goal.
“Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships. As well as operating profitability, we are building enterprise value across the airline and its many
additional business streams,†he added.
Etihad Airways’ financial statements are audited by Deloitte
and are in accordance with International Financial Reporting
Standards.
