Abu Dhabi's Etihad posts profit for second-year running

Abu Dhabi-based Etihad Airways made a profit for a second year running, its president said, adding that the airline will release formal figures for 2012 in February.

The UAE flag carrier, which has expanded globally through stake purchases in the likes of airberlin and Virgin Australia, has over US$6.5bn in funding from more than 50 financial institutions, James Hogan said at conference in Dublin.

“We are set to post our second successive profit which is rare in the current uncertain economic climate and illustrates the impact and success that the Etihad Airways’ unique business model has made,” said Hogan.

Etihad Airways, which posted profits of US$14m for 2011, is looking to extend its geographical reach as it competes against Qatar Airways and Dubai’s Emirates Airline.

The airline has identified a new route expansion plan through organic fleet and network growth, wide-ranging code shares, and strategic equity partnerships, said Hogan.

The Abu Dhabi-based carrier is currently in talks with Jet Airways to purchase a stake in the Indian airline and recently doubled its stake in Virgin Australia to 10 percent.

Abu Dhabi-government owned Etihad commenced operations in 2003.