Etihad Airways to report profitable earnings for 2010

Etihad Airways to report profitable earnings for 2010

Abu Dhabi based carrier Etihad Airways will report profitable earnings before interest, taxation, depreciation, amortisation and rentals (EBITDAR) for 2010, according to the chief executive. Speaking at a financial road show in London, James Hogan told investors that the airline had made an important step forward in the airline’s journey towards full break-even in 2011 and profitability in 2012. “With only a month to go, we are well on track for profitable EBITDAR for 2010, marking an important milestone in the commercial development of the airline,” said Hogan. “Our next goal is full break-even in 2011, leading to sustainable profitability from 2012 onwards. All our indicators show that these targets are in our sights. The growth of Abu Dhabi as a global destination is playing a critical role in our development. The Government’s investment in tourism infrastructure, in hotels and attractions, and in the business environment is really paying dividends.” Despite heavy investment in new routes, fleet and infrastructure, the airline will reach full break-even by 2011, leading to full profitability from 2012. Etihad’s financial road-shows are part of the airline’s commercial fund-raising programme, largely in support of its aircraft financing. Hogan added: “The large majority of our financing comes from commercial agreements and it is important for international institutions to understand the performance of the business.”

Gary Marshall
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Gary Marshall
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