Etihad Airways has reported a consolidated net profit of US$103m for 2015 on the back of strong passenger growth. Etihad said profit was $73m in 2014. Revenue last year was $9.02b after $7.55b the previous year. However, Etihad said that the 2014 figures were for the stand-alone airline business, making them not strictly comparable to the consolidated 2015 results. It did not elaborate on the difference between the sets of numbers. The airline carried 17.6m passengers in 2015, up 19% from the previous year. "Our profitability clearly demonstrates the success of our business strategy, based on organic growth boosted by our partnerships," CE James Hogan said. Revenue passenger kms rose 21.3% to 83.2b while available seat km grew 21% to 104.8b. <br/>
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Etihad Airways pledged to stick with its investment in Air Berlin after saying the German carrier is lagging behind most other units in achieving profitability. Among Etihad’s 7 so-called equity partners -- each anchored to the Gulf company via minority stakes -- Air Serbia, Air Seychelles, Jet Airways and Virgin Australia are all reaching their targeted goals, Etihad said Wednesday in its annual earnings statement. Other holdings may be unprofitable but they contribute to the group via enhanced connectivity, code-share revenue and economies of scale, CE James Hogan said, singling out the Air Berlin. “Even with an investment such as Air Berlin, where it has taken longer than expected for the airline to reach sustainable profitability, we are seeing incredibly strong returns,” Hogan said. <br/>