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Cargolux posted net profit of US$59.8 million

  05.04.2011    

Luxembourg's Cargolux has posted net profit of US$59.8 million in 2010 after suffering a $153.3 million loss in 2009, thus ending three years of losses, having last declared a profit in 2006, according to the Shipping Gazette. 
But Cargolux warned it faces "significant" cash outflows in 2011 related to anti-trust fines of $89.6 million and capital expenditure on fleet renewal, reported Newark's Journal of Commerce. In the face of anti-trust fines, the cargo carrier had to be rescued by its shareholders and the Luxembourg government in late 2009.
Asian cargo markets disproportionally contributed to the company's recovery even though China showed signs of a slowdown during the final months of 2010.
Revenue increased 29.3 per cent to $1.75 billion on the back on an 8.9 per cent increase in cargo to 683,380 tons. The load factor of its fleet of fourteen 747-400 freighters and a leased 747-200 improved by 4.3 percentage points to 73.3 per cent.
"The recovery of the air cargo market continued into 2010, and, while it was initially volume driven, prices started to recover in March," the company said.
The carrier will take delivery of the first of thirteen 747-8 freighters in the second half of 2011. "2011 is to be more testing," said Cargolux president and CEO Frank Reimen. "Yields are likely to remain under pressure from overcapacity building up in some parts of the world, most notably in China."


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