Atlas Air Worldwide Holdings has declared a reduced first quarter net profit of US$5.9 million, drawn on a five per cent revenue increase to $377.3 million, according to the Shipping Gazette.
"Earnings in the first quarter were in line with our expectations and our outlook for the year," said Atlas president and CEO William Flynn.
"Our first-quarter results and initiatives demonstrate the benefits of a modern, efficient fleet, diversified business mix and solid balance sheet in a challenging business environment," Mr Flynn said.
Revenue, volume and profitability growth in Atlas Air's ACMI business during the first quarter were driven by its new 747-8Fs, said a company statement. But Atlas Air's AMC Charter saw a 41 per cent decline in cargo block hours and lower average cargo revenue per block hour.
First quarter profit included an effective income tax break of 97.4 per cent, reflecting a federal income tax benefit of $14.2 million. Atlas Air also said it expects every one of its business segments to be profitable this year.