State owned Ethiopian Airlines has recorded a net profit of $229 million during the past fiscal year ended in July 2018.
The Carrier transported 10.6 million passengers while domestic passengers carried to 20 destinations were 1.6 million while operating costs grew by more than 43 per cent to 89.1 billion Ethipoia Birr.
As part of its effort to form strategic partnership with African airlines, the Ethiopian Airlines has purchased 49 per cent shares in Guinea Airlines, 45 per cent in Zambian Airlines, 49 percent in Chad airlines.
As for Mozambique and Equatorial Guinea airlines the carrier has almost full ownership.
“The Ethiopian Revenue Passengers Kilometers (RPK) grew by 25 percent while Available Seat kilometers (ASK) which means airline passenger carrying capacity has hit over 18 percent as the global average was 6.8 percent and 6.0 percent respectively.” Tewolde Gebremariam CEO Ethiopian Airlines.
“Had it not been for high oil prices and instability in West Africa and the Middle East, the profit of the airliner would have been more” Gebremariam added.
The Ethiopian carrier has added eight new international destinations and carried 400,339 tones in cargo service, showing more than 18 percent growth compared to the volume in the previous fiscal year.
Last month the airline together with DHL formed the DHL Ethiopian Airlines Logistics Services Ltd that is expected to enhance Ethiopia’s logistics infrastructure and connections.
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