Etihad Airways profits up 52 per cent in 2014

ABU DHABI: Etihad Airways net profits surged by more than half in 2014 to $73 million, the Abu Dhabi-based carrier said Thursday, buoyed by increased passenger numbers and further expansion into the European market.

Revenue for the fast-growing carrier rose 26.7 per cent to $7.6 billion, with net profits increasing 52.1 per cent from $48 million in 2013, Etihad said in a statement.

The airline said it carried 14.8 million passengers in 2014, up 22.3 per cent from the year before, when it transported 12.1 million passengers.

The company agreed in June last year to acquire 49 per cent of Italy’s debt-laden Alitalia, widening its reach into the European market.

Launched in 2003, Etihad is expanding rapidly and has bought minor shares in several smaller carriers around the world.

These include 29 percent of Air Berlin, 40 per cent of Air Seychelles, 19.9 per cent of Virgin Australia and three per cent of Irish carrier Aer Lingus.

Etihad also has a 24-per cent stake in India’s Jet Airways and a 49-per cent share in Air Serbia.

Along with Dubai’s Emirates and Qatar Airways, Etihad has been widening Gulf carriers’ share of transcontinental travel, turning their home cities into hubs for global air transport.

European and north American legacy carriers have complained about the fast expansion of Gulf airlines, accusing them of receiving government subsidies