Cargolux quarterly net profit soars 76.6pc to US$211.2 million

LUXEMBOURG's Cargolux increased first quarter net profit 76

26 April 2019 - 19:00

LUXEMBOURG's Cargolux increased first quarter net profit 76.6 per cent to US$211.2 million year on year, making no mention of revenue gains or losses.

Despite a weak global market in the second half of 2018, a shorter peak period, trade war uncertainty and Brexit, Cargolux managed to improve on its performance.

Increased demand for Cargolux's transport solutions contributed to yield quality, the airline said, having produced 138,179 block hours; a three per cent rise compared to the previous year.

The Cargolux Group produced a total of 8,409 FTKs across its worldwide network while the available tonne kilometres grew to 12,375 million resulting in an overall load factor of 67.9 per cent for the year.

'Cargolux achieved exceptional financial results in 2018 despite slower economic growth in the second half,' said Cargolux president and CEO Richard Forson.

'Strong focus on the management of our capacity and yields, increased demand for specialised shipments, a record year for our charter division and the diversification into offering ACMI solutions all contributed to the performance achieved,' he said.

In 2018, the airline continued its journey of transformation to enhance services while ensuring long-term sustainability and growth.

One focus was to undertake a full IT overhaul, synergise teams internally, and enhance customer experience, said the company statement.


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