Abu Dhabi-based Etihad Airways tripled its net profit last year as it added routes and
code-share arrangements in its expanding rivalries with other premium Gulf airlines.
Government-owned Etihad said its 2012 net profit jumped to $42 million, compared to $14 million in 2011. Revenue rose 17 per cent to $4.8 billion, while the number of passengers increased by 23 per cent to 10.3 million.
"This has been a game-changing year," said Etihad CEO James Hogan.
He said cost-control measures and ongoing investments helped boost the airline's profits during a challenging global economic environment.
Etihad began flying to six new destinations last year, including Shanghai and Kenya's capital, Nairobi. It also has announced expanded service this year to Washington and other cities.
The nearly 10-year-old airline has aggressively sought to expand cost-share agreements and purchase stakes in foreign airlines such as airberlin and Virgin Australia.
It also is in talks
for a possible share in Jet Airways. Etihad said partner airlines contributed 19 per cent of last year's passenger revenue growth.
The carrier is locked in deepening competition with Gulf rivals Qatar Airways and Dubai-based Emirates.
Etihad Airways triples profit to $42 mn 
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