Abu Dhabi's Etihad Airways posted a 48 per cent year-on-year net profit increase in 2013 to US$62 million, drawn on revenues of $6.1 billion, up 27 per cent, according to Shipping Gazette.
Boosting the results was a 30 per cent rise in cargo revenues to $928 million as volume grew to 486,753 tonnes from 367,837 tonnes. The state-owned carrier said in a statement that it carried 12 million passengers last year.
The airline forecasts more growth this year and aims to develop its alliance network with a potential investment in Alitalia, reported Reuters. It already has minority stakes in seven airlines including Air Berlin and Virgin Australia.
Etihad has been on an acquisition splurge in recent months, taking minority stake holdings in Virgin Australia and Ireland's Aer Lingus and increasing its equity shares in Air Berlin and Air Seychelles.
The Gulf carrier is now in talks with Italy's struggling Alitalia on an investment, and the due diligence process is underway.
Revenue from its partnerships with other airlines surged 30 per cent to $820 million last year, representing 21 per cent of passenger revenues.
"The commercial mandate I have is to maintain profitability," chief executive James Hogan said in an interview on announcing the results.
"I have a profit target for 2014. It will be greater than 2013 and will meet my objectives." He anticipates the airline's turnover to increase more than $7 billion.
The carrier said it raised $2.14 billion of funds on the commercial markets in 2013, primarily for fleet development.
In 2014 the airline will receive 18 new aircraft, including its first Boeing 787-9 Dreamliner and its first Airbus A380 super jumbo, both of which are scheduled for delivery in the fourth quarter.
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