Etihad Airways CEO James Hogan with his airberlin counterpart Hartmut Mehdorn
Etihad Airways says it is reaping the financial benefits from its initial $105m investment in airberlin, 12 months ago.
In a joint-statement issued on Tuesday, the Abu Dhabi airline said
it had generated more than €100m in additional revenues in the last year, proving that the alliance has been a success
Airberlin added that the agreement saw more than 300,000 passengers travel across both airlines, and that the companies are keen to expand their operations in 2013.
Etihad's CEO, James Hogan, said: "During this first 12 months both airlines' teams have worked tirelessly. Through revenues generated, and cost saving initiatives, Etihad Airways has already recouped its initial investment of $105m. More than 300,000 additional passengers have flowed into the networks of both airlines in 2012 and that figure is set to increase considerably in 2013 as the impact of closer cooperation across almost every division of each carrier comes to fruition."
Hartmut Mehdorn, airberlin's CEO, added: "With more than 219,000 additional guests for airberlin, coming from our co-operation we have generated additional revenues around €50m. Furthermore we profited from cost saving initiatives."
On Tuesday, Etihad said it was buying a 70 percent stake in airberlin's frequent-flyer programme, helping inject cash into the loss-making airline. Airberlin is Germany's second busiest airline after Lufthansa, and is looking to make an operating profit for the first time since 2007.
Last year, Etihad bought 29 percent of airberlin and agreed to give the German carrier around $255m in loans. Earlier this year, airberlin and Etihad Airways announced a comprehensive integration of a new fleet of Boeing 787 Dreamliner aeroplanes.