Etihad hopes to return to profit next year

Etihad hopes to return to profit next yearEtihad Airways, Abu Dhabi based Airline that faced a large number of challenges of the global market amid recessionary fear prevailing in the region over western debt woes, hoped that though time will over very soon and the firm will return to profit.

James Hogan, the Chief Executive of the firm added that the firm will move to profitability this year as well given to its operational efficiencies. He added, "For airlines it's tough, but we're not a transatlantic carrier so probably a lot of the negative numbers that are commentated on by IATA...(have) such a high weighting on transatlantic."

The Australian executive, while speaking in the sidelines of a two-day gathering of nearly 300 business people of Irish descent in Dublin added that he always made optimum use of crisis for overhauling the operations of the company and got desired results.

Earlier, IATA slashed the industry's profit margins to a wafer thin 0.8 percent from 1.2 percent this year, cautioning airlines against tough time ahead due to changing global economic scenario. The body projected 29 per cent decline in industry profits in 2012.