Abu Dhabi's Etihad Posts Triple Profits

Abu Dhabi's Etihad Airways says net profit tripled last year as the fast-growing carrier added routes and code-share arrangements in its expanding rivalries with other premium Gulf airlines.

Government-owned Etihad said on Monday that 2012 net profit jumped to $42 million, compared to $14 million in 2011. Revenue rose 17 percent to $4.8 billion.

Etihad began flying to six new destinations last year, including Shanghai and Kenya's capital, Nairobi. It also has announced expanded service this year to Washington and other cities.

Eithad has aggressively sought to expand cost-share agreements and purchase stakes in foreign airlines such as airberlin and Virgin Australia.

The carrier is locked in deepening competition with Gulf rivals Qatar Airways and Dubai-based Emirates.