Etihad Holds Roadshows To Finance Aircraft

February 23, 2012

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Abu Dhabi's flag carrier Etihad Airways, which made its first profit in 2011, said on Thursday it held roadshows overseas as it seeks funds to finance its aircraft.

Unlisted Etihad held roadshows in London and New York with some of the world's largest financial institutions, the airline said in a statement, without naming them.

Earlier this month, the government-owned airline reported a net profit of USD$14 million for 2011, the first profit for the eight-year-old carrier.

"There is no easy year in this business but Etihad Airways is well positioned to meet these challenges with the support of the international banking community which continues to underpin our record growth," CEO James Hogan said in the statement.

"Over the last five years we have raised more than US$5 billion through 41 financial institutions to finance our aircraft."

In December Etihad Airways lifted its stake in Air Berlin, Europe's sixth largest carrier, to 29.2 percent and last month announced it was taking a 40 percent interest in Air Seychelles.

In 2008 the airline ordered 100 new aircraft and 105 options and purchase rights in one of the largest deals in commercial aviation history.

(Reuters)