Etihad Airways has reported first quarter revenues of $770 million, up 21.2 per cent compared to $635 million in Q1 last year, attributable to strong performances in both passenger and cargo traffic.

Coupled with a 5.9 per cent reduction in costs per available seat kilometre, this delivered positive Ebitdar (earnings before interest, tax, depreciation, amortisation and rentals) in the quarter for the first time.

Passenger revenues rose 15 per cent on the back of a 10.6 per cent growth in passenger numbers, to 1,854,392. Seat factor fell slightly to 72.7 per cent from 75.1 per cent in Q1 last year, due to the impact of Middle East unrest and the Japanese earthquake.

Etihad’s cargo revenues grew by 44 per cent year-on-year on a capacity growth of 22 per cent for the quarter, with March representing Etihad Crystal Cargo’s best month ever in terms of revenues, number of shipments and tonnage carried.

The results mark continued progress towards the airline’s goal of break-even in 2011 and profitability in 2012, a statement said. 
 
“Our revenues continue to grow faster than our passenger numbers and, thanks to our robust cost controls, we are seeing a real benefit in our overall performance. This marks the first time we have delivered positive Ebitdar in Q1,” stated James Hogan, Etihad Airways’ chief executive officer.

“Looking ahead, fuel prices will be a major challenge for the airline industry this year but I am glad to report that Etihad has hedged more than 75 per cent of its fuel requirements for 2011,” he added.-TradeArabia News Service