Ethiopian generates 6.7bln birr in mid-year revenue

21 March, 2009

Reporter - The Ethiopian Airlines has bagged 6.7 billion birr in mid-year revenue during the first half of the current fiscal year, the airlines said Friday.

The revenue the airline secured registered a 54.8 percent increase against that of the same period of the previous year.

During the reported mid-year performance, Ethiopian has netted 515 million birr, a record profit which is nine percent higher compared to the previous mid-year performance.

The airline said that it had transported 1.5 million passengers in the reported period, which is a 19 percent increase in contrast with the same period for the previous year. It also carried 55,000 tonnes of freight, a 101 percent increase to the previous year’s six month performance.

“The first half of 2008/09 was another successful period for the national carrier despite numerous challenges it had to deal with,” Girma Wake, Chief Executive Officer of the airline said. “Ethiopian remains optimistic that its performance will be sustained going forward, considering the strategic cost reduction efforts and improved operating procedures it has put in place.”

The hike in revenue is mainly attributed to the growth in traffic, which was stimulated by the increase in flight frequencies, the introduction of new international flights, the augmentation in cargo revenues and the strategic steps taken to streamline operational as well as marketing activities, according to the airline.