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Saturday, January 17, 2015

Ethiopian Airlines posts record 3.15 billion birr profit

Addis Ababa, Ethiopia – Ethiopian Airlines Aviation Group made a record high profit of 3.15 billion birr in the 2013-2014 fiscal year that ended in June 2014.

The net profit is the highest the airline made in its 69 year history and surpassed the net profit it bagged last year by 53 percent. Last fiscal year the airline made a net profit of 2.3 billion birr. According to information obtained from the airline, the national flag carrier generated 46.5 billion birr operating revenue, up by 21 percent. The airline transported six million passengers and 187,000 tons of cargo in the budget year, a surge of 13 and seven percent respectively. In the 2013-2014 fiscal year the airline phased in 13 new jetliners and opened nine new destinations.

A senior official at Ethiopian told The Reporter that the airline managed to make a record high profit at a turbulent time. The economic recession in Europe, fuel price hike, and the Ebola Virus outbreak in West Africa are some of the critical challenges Ethiopian Airlines and other international airlines faced. The flag carrier recently announced that it was losing eight million dollars in sales every month due to the Ebola pandemic that scared away passengers from traveling to Africa.

The official attributed the remarkable performance of the airline to the implementation of a right business strategy stipulated in the Vision 2025, the airlines 15 growth plan, and the hard work of the management and employees of the airline. “It was a very successful year for the airline,” the official said.

Read more: The Reporter

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