Etihad Airways has reported strong first quarter revenue growth despite higher than expected fuel prices and what it described as fierce competition in key markets.
Revenue in the first three months of the year climbed 27% to US$1.4 billion. Passenger numbers increased 14% to 3.2 million while capacity rose 21%.
Etihad said its rate of passenger growth was double the annual 5.8% global increase estimated by the International Air Transport Association (IATA).
Chief executive James Hogan said the performance has “raised the bar even further for Etihad Airways”.
“Although the global airline industry has faced challenges such as higher-than-expected fuel prices and fierce competition in key international markets during the first quarter of 2014, we have continued to outperform the passenger and cargo markets,” he said.
“Our strong performance highlights the continued success of Etihad Airways’ strategic master plan which focuses on three fundamental pillars of organic network growth, codeshare partnerships and minority equity investments.”
Cargo revenue climbed 26% to US$243m while revenue from codeshare and equity partners increased 23% to US$223m.
Etihad also announced it had signed an extensive interline agreement with Fiji Airways.
