Ethiopian Profit Hits Record 6.8 Billion Birr

Addis Ababa Ethiopian Airlines has hit a record net profit of 6.8 billion birr in the concluded this Ethiopian fiscal year, CEO Tewolde Gebremariam said today.

It generated 89.1 billion birr operating revenue, which grew by 43 percent during the fiscal year.

He also stated that the airline transported 10.6 million passengers and 400,339 tons of cargo, which increased in 21 and 18 percents respectively, it was indicated.

Ethiopian was given for the first time in its history a four star rating by SKYTRAX, the leading customer service rating organization in the airline industry, this fiscal year, it was learned.

Despite these successes, Ethiopian faces challenges including economic crisis and instability in the continent as well as fuel price hike, among others, CEO Tewolde pointed out.

The remarkable achievement was registered in the backdrop of aggressive foreign carriers penetration into the African market with the African airline industry collectively forecasted to lose money, he elaborated.

Furthermore, he Ethiopian Airlines has introduced 14 new additional aircraft and opened eight new international destinations during the fiscal year.

Ethiopian Airlines has 49 percent share of Guinea Airlines, 45 percent of Zambia Airlines, 49 percent of Chad Airlines and full share of Ethiopian-Mozambique Airlines, according to the CEO.

Source: Ethiopian News Agency