ATLAS AIR’s fourth quarter net profit declined 24 per cent to $33.5 million year on year while revenues for its AMC Charter rose 48 per cent to $126.5 million, revenues from its Commercial Charter fell 15 per cent to $92.6 million while revenues from Atlas Air ACMI increased two per cent to $162.6 million, resulting in a combined revenue boost of eight per cent.
“We performed well by historical standards, but global economic conditions, delivery delays for our new 747-8 freighters, delays in the ramp-up of CMI service for Boeing, and the impact of pre-operating costs for new initiatives all contributed to lower-than-anticipated earnings,” said Atlas Air CEO William Flynn.
Boeing was to deliver the first three of twelve 747-8Fs ordered in September, but the Atlas rejected delivery of the early-model freighters. Instead, Atlas took delivery of the first freighter in November, which is currently on a five-year wet lease to British Airways World Cargo.
The charter carrier acquired two additional 747-8Fs in mid-December. Atlas Air is to take delivery of four more freighters in 2012, two mid-year, two in the autumn and two others early next year.
Said Mr Flynn: “Our new 747-8Fs, which will drive growth and profitability going forward, have begun to enter service and will be an important contributor this year. Along with a full year of AMC Charter passenger service as well as a continuing step-up in CMI flying for Boeing and DHL Express, we believe these will more than offset an anticipated reduction in AMC Charter cargo demand in 2012.”
Related posts:
- Landstar System posts 22pc hike in quarterly sales to US$717.5 million
- Qantas Freight pre-tax profit falls US$3 million to $38 million in 2nd half
- First year NY-listed, Box Ships enjoys quarterly profit of US$5.5 million
- Singapore Airlines Quarterly Profit Declines
- NYK Logistics, CSX Transportation, CMA CGM, UPS cargo carriers, Thai air express, Emirates SkyCargo, CONTINENTAL Airlines, ATLAS Air, Logistics
Add One