Etihad pledges support to earnings laggard Air Berlin

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/>