Air Serbia's part-owner, Etihad Airways, has defended its strategy of investing in a number of airlines, noting that the policy has delivered revenue and synergy benefits. The President and CEO of Etihad Aviation Group, James Hogan, said the Emirati carrier is already seeing a return on investment from Air Serbia, among others. “Our investments had an immediate impact on the revenue side, delivering hundreds of millions of dollars in additional revenues and allowing us to fill our onward connecting flights. Those benefits have been replicated in all our minority investments – in Air Berlin, Alitalia, Jet Airways, Virgin Australia, Air Serbia, Air Seychelles and Etihad Regional", Mr Hogan said yesterday. He added, "We have had some strong results but we also face some significant challenges. Jet Airways, Air Serbia, Air Seychelles, Virgin Australia and Etihad Regional have all used our capital investments to help structure their businesses into more efficient and profitable operations. In those cases, our long term investments are already delivering a return. However, we have faced greater challenges with Air Berlin and with Alitalia. Both are operating in very tough competitive environments, and need to address long-standing issues facing their businesses. I believe Air Berlin’s strategy is now on track and Alitalia is finalising a business plan to address its issues". Mr Hogan reiterated that Etihad is committed to its equity partner strategy, noting that, "Some of those airlines need to react to the market pressures they face, and we are supportive of that process". Etihad's strategy of investing in fledgling carriers across the world has been under scrutiny recently with ongoing financial issues at Air Berlin and Alitalia. Etihad yesterday rebuffed speculation it was in talks of taking a 30% - 40% stake in Lufthansa. Late last year, the Emirati carrier also denied rumours it would disinvest from Air Serbia, noting it was "fully committed" to the partnership.