Ethiopian Airlines records 43% surge in operating revenue

Aug 14, 2018: Ethiopian Airlines has posted results for the financial year 2017-18, according to CEO Tewolde GebreMariam.

The airline reported a 43 percent increase in its operating revenue to more than US$3.2 billion and a net profit of more than US$245 million. This was largely due to the addition of 14 new aircraft, the opening of eight new international destinations, and an increase of 18 percent in the volumes of freight carried in the 2017-18 fiscal year, he said.

“This was achieved in a very tough operating and competitive environment in Africa where jet fuel price, one of the main cost drivers soared during the year and is on average 30 percent more expensive in Africa than in the rest of the world, putting the continent’s carriers at a severe competitive disadvantage,” he stated.