Etihad Airways profit surges in first quarter

Etihad Airways' first quarter profit after tax surged to $143 million, up from $16 million in the first quarter last year, with total revenues up to $1.56bn. Its passenger revenues climbing from $1.03bn in last year's first quarter to $1.3bn this year, along with the cost for available seat kilometres (CASK) and CASK excluding fuel decreasing 9% and 11% respectively, had driven up its strong results. Its strong capacity growth in the first quarter, with available seat kilometres (ASKs) up 35% year-on-year (YoY) and passenger numbers up 41% YoY to 4.2 million, no doubt bolstered its passenger revenues. Etihad's operating result was at $136 million, up from $134 million YoY. The airline had launched new flights to Thiruvananthapuram, Kozhikode, and Boston, as well as announcing additional routes to Antalya and Jaipur during the quarter. Alongside its capacity growth, the airline had added three new 787s in February, bringing its operating fleet up to 89 by the quarter's end. ""This significant profit increase was achieved even with the holy month of Ramadan starting in early March this year, compared to late March last year, demonstrating the adaptability of our business,"" said Etihad CEO Antonoaldo Neves. Though, its cargo revenues, while stable, had seen a slight decline from $244 million down to $242 million. Cargo tonnages were up from 132,000 to 162,000 YoY. Its total revenues jumped to $1.56bn, up 25% YoY from $1.29bn. Neves added: ""Our plans are set to expand our network and enhance our offerings while connecting an ever-greater number of people to and via Abu Dhabi.""