DUBAI, United Arab Emirates ? Fast-growing Gulf carrier Etihad Airways says it has turned its first annual profit since starting operations just over eight years ago.
The government-owned airline, based in the Emirati capital Abu Dhabi, reported a net profit Thursday of $14 million last year.
That is better than its goal, which had been to break even for the first time in 2011. It declined to say how much it lost a year earlier.
Etihad says it generated $4.1 billion in revenue in 2011, up 36 percent from the previous year.
Etihad and its larger Gulf rivals Emirates and Qatar Airways are increasingly challenging older airlines in the battle for long-haul international passengers.
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