ATLAS AIR REPORTS FIRST-QUARTER PROFITS DOWN

Atlas Air Worldwide Holdings has reported a first-quarter net income of $10.5 million, down 68.9% from a $33.8 million profit in 2010. The parent of ACMI cargo carriers Atlas Air and Polar Air Cargo, stated that first-quarter revenue rose 0.8% over last year to $297.6 million while costs were up 13.8% to $281.1 million. Fuel costs for the period increased by 14.9% to $74.2 million. Operating income was $16.5 million, narrowed from an operating profit of $48.1 million in the 2010 March quarter. “We expect earnings in 2011 and beyond to continue to benefit from our premium assets, the global