MANILA, Philippines - Etihad Airways, the national airline of the United Arab Emirates, has welcomed the return to profitability of its equity partner, Airberlin.
The German carrier last week announced earnings before interest and tax (EBIT) of 70.2 million euro in 2012, an increase of more than 300 million euro over the previous year, with a net profit of 6.8 million euro.
Airberlin posted group revenues of 4.31 billion euro with a load factor increase of 1.6 points to 79.8 percent. The airline said revenues were boosted by its alliance with Etihad Airways, which delivered more than 219,000 passengers onto its network, accounting for more than 50 million euro in additional revenues.
In addition, Airberlin’s ‘Shape & Size’ efficiency program generated savings last year of 250 million euro.
Abu Dhabi-based Etihad Airways announced on Dec. 19, 2011 that it was lifting its stake in Airberlin to 29.21 percent and since then the equity partners have implemented a number key initiatives to boost revenues, enhance efficiencies and reduce costs.
The results, covering the first full year of the alliance with Etihad Airways, mark Airberlin’s return to profitability for the first time since 2007.
James Hogan, Etihad Airways’ president and chief executive officer said: “This is welcome news and a clear indication that our partnership with Airberlin is delivering tangible results.
When we announced our equity investment, we made our ambitions clear. “We aimed to support Airberlin in its drive to become profitable and to build an alliance that would benefit both airlines and the millions of passengers who fly with us every year.â€