Ethiopian Airlines has posted record results for the 2017/18 financial year, according to CEO, Tewolde GebreMariam.
The air carrier reported a 43% 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% 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, our main cost driver, has soared during the year and is on average 30% more expensive in Africa than in the rest of the world, putting the continent’s carriers at a severe competitive disadvantage,” he said.
