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            january 20, 2020

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Atlas Air back in black - quarterly profit $9.6 million, sales up 24pc


New York's Atlas Air Worldwide Holdings reversed itself from last year's quarterly net loss of US$752,000 by posting a first quarter net profit of $9.6 million, drawn on revenues of $590 million, up 24.1 per cent.
The turnaround prompted the Purchase, New York-based air cargo carrier to revise its full-year 2018 revenue outlook upward to over $2.5 billion. Atlas earned $2.2 billion in revenue in 2017, reported US Aviation Week.
For the 2018 first quarter, Atlas reported strong growth in aircraft, crew, maintenance & insurance (ACMI) revenue, which rose 32.7 per cent year on year. Charter revenue was up 16.9 per cent and dry leasing revenue rose 36 per cent. Operating income for the quarter increased 68.8 per cent to $40.6 million.
Atlas said its increased ACMI revenue were primarily driven by growth in block-hour volumes as well as a higher average rate per block hour, offset somewhat by higher heavy maintenance and amortisation of deferred maintenance expenses.
The 28 per cent growth in ACMI block hours during the quarter reflected increased Boeing 767 flying for Amazon, the startup of 747-400 flying for additional customers and the transfer of 747-8F aircraft from the charter segment to ACMI.
Said Atlas president and CEO Bill Flynn: "We are off to a strong start in 2018. Our focus on express, e-commerce and fast-growing global markets has broadened our customer base and fleet [and] we are operating in a strong air freight environment and a growing global economy."
"Our volumes and revenue grew by more than 20 per cent in the first quarter, and our reported income, adjusted income and adjusted EBITDA rose even more sharply," he said.

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