Atlas Air Q2 profit down 9.2pc US$78.9 million as revenues rise 24.3pc
ATLAS Air Worldwide Holdings suffered a 9
ATLAS Air Worldwide Holdings suffered a 9.2 per cent fall second quarter net profit to US$78.96 million year on year, drawn on revenues of $825.2 million, up 24.3 per cent.
The New York-based company said it had benefited from higher demand for its services because of the grounding of bellyhold operations.
The company has re-activated three B747Fs that it had put into storage and has won new contracts with forwarders and shippers.
'These positive results were primarily driven by the team capitalising on strong demand and higher yields in our commercial charter and South America businesses,' said Atlas CEO John Dietrich.
'We also continued to provide the US military with essential services and our ACMI customers flew well above their minimum guarantees.
'We continued to execute on very favourable business opportunities in a challenging operating environment, with the safety of our employees as our top priority.
'We leveraged the scale of our world-class fleet, the scope of our global operations and the flexibility of our business model to capitalise on market dynamics.
'To serve this increased demand, we reactivated three of our 747-400 converted freighters and operationalised a 777 freighter from our Dry Leasing business.
'This enabled us to serve the strong and profitable shorter-term demand, while also entering into numerous new long-term charter programmes at attractive yields,' he said.
'We expanded our long-term charter business to include new agreements with manufacturers such as HP Inc., and large freight forwarders like DHL Global Forwarding, APEX Logistics, DB Schenker, Flexport and Geodis, all that wanted to secure committed capacity from us.' Mr Dietrich said.
But company ACMI revenues for the period decreased five per cent year on year as it re-allocated B747 aircraft to its charter business to take advantage of market demand.