Ethiopian Airlines posted a net profit of ETB1.35 billion ($117 million) in its fiscal year ended June 30, a 165% increase over the prior year’s figure and a company record.
Fresh off the carrier’s blockbuster order for 12 A350-900s and five 777-200LRs, CEO Girma Wake called the result “noteworthy and rewarding” and said ET survived “cutthroat competition in the industry, global economic crisis, escalating operational and capital costs led by the less predictable and fluid gyration of fuel prices and the shrinking trends of the market environment” during the period.
Full-year operating revenue rose 32.8% to ETB12.2 billion and passenger numbers were up 12.3% to 2.8 million. The airline said its financial results were “directly attributed” to that traffic growth. Cargo rose 38.4% to 101,000 tons. ET currently operates 10 767-300s, eight 757-200s, five 737-700s, one 737-800, five F50s, two 757-200Fs, two 747Fs and one MD-11F. It has 36 aircraft on order.
Girma said the carrier is “optimistic” it will reach its $1 billion revenue target in the current fiscal year.
by Brian Straus
Source: ATW online
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