Etihad yet to make a profit
04 / 05 / 2010
ETIHAD will struggle to make a profit this year, according to its chief executive officer James Hogan (right).
Hogan blames the global economic slump and fear of a swine flu pandemic for the poor results.
“If we’d had a better year in 2008 and 2009, we would have broken even this year,” he said. “The global financial crisis and the pandemic hit us in yield, pushed us back down to 2007 levels.”
The UAE carrier, which started operation in 2004, has never posted a profit. However, Hogan predicts it will finally do so in 2011 thanks largely to airfreight. In the first quarter of 2010, cargo revenue rose 50 per cent compared to the same period last year, with cargo yield growing 20 per cent.