Etihad Airways President and Chief Executive Officer James Hogan said: “We met all our revenue targets and budget estimates in the first quarter, despite the challenging economic conditions confronting the international community. Despite the tough economic times we believe our business model of organic network growth combined with codeshare partnerships and strategic equity investments will enable us to continue to prosper and ensure sustainable profitability.”

The record results were announced as Hogan unveiled plans for a significant expansion of the airline’s global network over the next 18 months.

These included a daily service to Etihad Airways’ first South America destination and a new service to Vietnam.

Hogan said the South American flights would begin mid next year.

Etihad Airways also planned to replicate the success of its European expansion by introducing additional frequencies to a range of other destinations in Asia and Australia.

Hogan said: “Our seat factor hit a record high but yields, particularly in the premium cabins, remain a challenge.”

The airline said revenue passenger kilometers (RPKs) rose during the first quarter by 26.6 percent to 10.9 billion, thanks to growth in available seat kilometers (ASKs) through new routes, additional frequencies, increased seat capacity and strengthening load factors.

Seat factor jumped by 3.8 percentage points to 76.5 percent, the highest first quarter level in the airline’s history.