However, he said that the carrier is so far seeing the 'green shoots' of recovery in December and January. 'Advanced sales (in these two months) are much farther forward than the previous time last year,' he said.
Hogan also announced that the airline is to unveil $750m in investments this week to improve the carrier's workforce, fleet, in-flight service, and planning and resource systems.
The investment includes a $200m engine maintenance contract with International Aero Engines to provide an overhaul and repair service for 14 Airbus aircraft in its narrow-body fleet.
The funds will also be used to install the airline's new first-class suite in nine of its Airbus A340 aircraft currently in service, under a new contract with Lufthansa Technik.
The investment also includes a contract with Panasonic to install state-of-the-art in-flight entertainment systems on board the airline's new A330-300 fleet and new Boeing B777 aircraft, which are scheduled for delivery from December 2009 and 2011, respectively.
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Etihad predicts revenues will hit $3bn in '09
- United Arab Emirates: Monday, November 16 - 2009 at 16:25
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Etihad Airways has forecast that its revenues for this year will be about $3bn and that it will post its first-ever profit in 2011, its CEO said today at the Dubai Airshow. James Hogan said the Abu Dhabi-based airline was forced to delay its projected target for profitability by a year due to 'yield pressure' from the global financial downturn and the swine flu crisis.
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Jeff Florian, Senior ReporterMonday, November 16 - 2009 at 16:25 UAE local time (GMT+4)
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