Atlas Air Worldwide has seen losses increase to $24.1 million in the third quarter despite significant growth in revenue and volumes.
The losses are up from $7.9 million in the same period of 2016, though revenue rose from $448 million in 2016 to $535.7 million this year.
Year to date profits were up from $13 million in 2016 to $14 million this year, while revenue increased from $1.3 billion in 2016 to $1.5 billion.
Atlas has placed 10 Boeing 767-300 Freighters with Amazon as of October, and is on track to hit 20 by the end of 2018.
It has also started flying for two new customers during the quarter – DHL Global Forwarding and Hong Kong Air Cargo, and is operating a second Boeing 747-400 Freighter for Nippon Cargo Airlines.
Atlas Air president and chief executive officer, William Flynn says: “We are encouraged by our performance in the third quarter, with 20 per cent increases in both revenue and block hours, and higher direct contribution in all of our segments.”
“Reflecting the strong demand for our services, yields rose and the utilisation of our aircraft increased.”
He is expecting a strong fourth quarter with solid yields and volumes, saying: “Reflecting our year-to-date results and our fourth-quarter expectations, we anticipate that our full-year 2017 adjusted income from continuing operations, net of taxes, will grow by a high-single-digit to low-double-digit percentage compared with our 2016 adjusted income of $114.3 million.”
Flynn says the future for Atlas Air and airfreight is bright, with growth in Asia and the expansion of the global middle class transforming the global economy.
He says: “Increased disposable income will support a strong future for global trade and the consumption of goods. And our strategic focus on express and e-commerce service and the faster-growing Asian markets positions us for further business growth as we carry through the balance of 2017, into 2018 and beyond.”