Air Serbia has reported first-half revenue of €102 million ($139 million), up 82% compared to €56 million for the same period in 2013. Profit figures were not released.

Passenger numbers for the first half also rose sharply, climbing almost 70% to 944,000. Capacity increased 85% to 1.6 million ASKs.

The carrier is undergoing a major revitalization after Abu Dhabi-based Etihad acquired a 49% stake and a management contract in the former Jat Airways, which it rebranded in October 2013.

Air Serbia Cargo reported carrying 907 tonnes of freight in the first half, a 65% increase year-over-year. First-half cargo revenue grew 32%, which the carrier described as “an important and burgeoning service.”

Since Etihad acquired its stake, Air Serbia has introduced nine Airbus A320s, replacing older Boeing 737-300s, some of which have been transferred to new charter sister company, Aviolet.

Air Serbia CEO Dane Kondić said the results “demonstrate how effectively the Air Serbia team is working to deliver on the strategy of sustainable growth. We are on track to deliver a profitable, strong airline by the end of the current financial year,” he said. “We expect to maintain the momentum for the second half of 2014, as we continue to reconnect the Balkan region and new markets  through a combination of direct flights as well as expanding our codeshare partnerships.”

Air Serbia launched 11 new routes in the first half of 2014 and benefited from hooking into the network of codeshare agreements that mesh together the equity partnerships headed by Etihad.

A codeshare with Romanian national airline Tarom was also expanded to include Chisinau, Moldova.