ABU DHABI (Reuters) - Abu Dhabi's state-owned Etihad Airways, which plans to buy a 49 percent stake in struggling Alitalia, said third-quarter revenue rose 29 percent thanks to passenger and cargo growth.
The airline earned revenue of $1.8 billion (1.12 billion pounds) in the three months ending September, it said in a statement. Etihad does not report profit. Revenue from code-share and equity partners was $352 million in the third quarter, up 44 percent over partners was the prior year period.
Etihad has stakes in airberlin (DE:AB1), Air Seychelles, Virgin Australia (AX:VAH), Aer Lingus (I:AERL), Air Serbia and Jet Airways (NS:JET), and is in the process of buying stakes in Alitalia and Swiss-based Etihad Regional.
"Our focus on organic growth, code share partnerships and minority investments in other airlines has continued to produce strong results, despite the prevalence of industry challenges such as volatile oil prices, economic and political instability, overcapacity in the market, and access constraints," James Hogan, Etihad President and CEO said in the statement.
Etihad carried 3.9 million passengers in the third quarter, up 30 percent on the year.
Cargo volumes touched 144,498 tonnes in the third quarter, an increase of nine per cent, bringing in revenues totalling $284 million, a 16 percent increase on the year.
(Reporting By Stanley Carvalho, editing by Louise Heavens)