Profit for Cargolux

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By TESTCustomwebLP TESTCustomwebLP May 5, 2015 20:01

Profit for Cargolux

Despite a difficult overall market situation, Cargolux Airlines said that it ended 2014 on a positive note. While the industry continued to suffer from overcapacity and noticeable pressure on yields, Cargolux benefited from a very strong last quarter in 2014. Combined with a rapidly declining oil price, the airline achieved record levels of block hours and tonnages while enjoying a welcome increase in yields.

Cargolux ended the year with a profit of $3 million despite having to impair its B747-400 fleet by $40 million and providing for any potential anti-trust impact from the various legal actions that have been raised against the airlines.

In 2014, the company sold 828,658 tons of freight, 9.9% more than in 2013. Revenues grew by 10.1% to $2,098 million. Freight ton kilometers grew by 11.2% to 6,364,260 and the load factor reached 66.9%. Cargolux had a global market share of 3.7%.

At the end of 2014, the airline operated 11 747-8 freighters and 11 747-400 freighters, the largest fleet in Cargolux’s history. This fleet flew a record number of 95,522 block hours on 19,195 network sectors.

Cargolux president and CEO Dirk Reich said, “We have grown our market share in all areas and achieved a net profit—a strong signal that our strategy bears fruit and we are on the right track. Cargolux has done its homework and will continue to do so to remain sustainable.”

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By TESTCustomwebLP TESTCustomwebLP May 5, 2015 20:01