DUBAI - Abu Dhabi-based Etihad Airways on Thursday posted a net profit of $14 million for 2011, exceeding its goal of breaking even for the first time ever, a statement said.
The national carrier of the United Arab Emirates said its revenues were up 36 percent in 2011 to $4.1 billion, with net profit touching $14 million.
"The record result exceeded the airline's 2011 target, which was to break even," the statement said.
The carrier transported 8.3 million passengers in 2011, up 17 percent from the previous year, with an average seat factor of 75.8 percent.
Earnings before interest, tax, depreciation, amortisation and rentals (EBITDAR) stood at $648 million, while earning before interest and tax only amounted to $137 million, the statement said.
Etihad posted $1.72 billion in revenues for the first half of 2011, up 28 percent on the same period of 2010.
"This is an historic day for Etihad Airways and an amazing achievement for an airline just eight years old," said James Hogan, president and chief executive officer of Etihad in the statement.
"Five years ago we said we would be profitable by 2011. Despite the global financial crisis, continued high oil prices, regional instability and natural disasters, we have delivered," he said.