Etihad Airways has reported record revenues of nearly US$1 billion (Dh3.67bn) for the first three months of the year, with passenger figures up by more than 500,000 on the same period last year.
The Abu Dhabi flag carrier's first-quarter results were released yesterday, just hours before the International Air Transport Association (IATA) revealed global airline figures for February showed Middle East aviation had "now fully recovered" from the downturn.
James Hogan, the president and chief executive of Etihad, said the airline's record-breaking figures showed it was on course to hit its $5bn annual revenue target this year.
Last year, the carrier reported revenue of $4bn, and passed its break-even target when it posted its first net profit of $14million.
"We met all our revenue targets and budget estimates in [the] first quarter, despite challenging economic conditions," said Mr Hogan.
First-quarter revenues were $989m compared with $770m for the first three months of last year. This was a rise of 28.5 per cent, while the number of seats filled per flight also hit a record high of 76.5 per cent compared with 72.7 per cent for the same period last year.
In total, the airline carried 2.36 million passengers in the first quarter, up from 1.85 million during the same period last year. Cargo revenue was also up to $159m from $142m for the first three months last year.
"Despite the tough economic times, we believe our business model of organic network growth, combined with codeshare partnerships and strategic equity investments, will enable us to continue to prosper and ensure sustainable profitability", said Mr Hogan.
Mr Hogan also announced further expansion of the airline's global network during the next 18 months, with new daily services to South America and Vietnam.
His comments came before the IATA announced global figures for February. These revealed that airlines in the region have bounced back from last year.
"Middle Eastern carriers have posted 23.4 per cent international growth," said the IATA. "That has been distorted by the poor performance in February 2011 owing to the impact of the Arab Spring. Stripping out the distortions, we estimate that the region has now fully recovered."
But the global picture was different, showing only an 8.6 per cent increase in passenger demand. This prompted a gloomy forecast from Tony Tyler, the chief executive and the director general of the IATA.
"The outlook is fragile," he said. "Improvements in business confidence slowed in February.
This will limit the potential for business-class travel growth. Weak economic conditions and rising fuel costs are a double whammy that an industry anticipating a 0.5 per cent margin can ill afford," he said.
"We are ending the first quarter with a considerable amount of uncertainty."
"While the threat of a European financial meltdown seems more remote than it did only a few months ago, the political risks that aviation faces are growing," he said.
Rising fuel prices will be a major challenge. "The rapid increase in the price of oil is already biting hard," said Mr Tyler.
"The UK is increasing the onerous air passenger duty and Europe is adding to the burden with the inclusion of international aviation in its emissions-trading scheme, creating the possibility of a trade war that nobody can afford."
dblack@thenational.ae
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The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
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Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
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Torque: 175Nm
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Engine: Duel electric motors
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Torque: 1075Nm
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The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
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Kathryn Hawkes of House of Hawkes on being a good guest (because we’ve all had bad ones)
- Arrive with a thank you gift, or make sure you have one for your host by the time you leave.
- Offer to buy groceries, cook them a meal or take your hosts out for dinner.
- Help out around the house.
- Entertain yourself so that your hosts don’t feel that they constantly need to.
- Leave no trace of your stay – if you’ve borrowed a book, return it to where you found it.
- Offer to strip the bed before you go.
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Sharlene Teo, Pan Macmillan
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
