Cargolux profits fall to $5.5 million in 2016

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Cargolux Airlines International net profits fell from $49 million in 2015 to $5.5 million in 2016 with scheduled freight tonne kilometres growing 10 per cent.

The Luxembourg-based all-cargo airline says it experienced a robust fourth quarter, saying it registered 12,000 block hours flown and sold 96,000 tonnes in November alone, and was utilising aircraft for an average of 16.74 hours a day.

Cargolux Group carried 964,131 tonnes of freight across its global network, with available tonne kilometres increasing to 11.3 million, and load factors standing at 66.7 per cent.

President and chief executive officer, Richard Forson says: “The excellent results for 2016 are testament to the strength of Cargolux and the dedication and passion of our employees who deserve special recognition for their effort and hard work, especially during the last quarter.”

“They have enabled the airline to perform all flights as planned and deliver on our service quality promise towards our customers, who, in turn, continue to support us with their loyalty and trust. The success of Cargolux is truly a team effort and that is exactly the way it should be.”

Cargolux operations in Zhengzhou developed further, making it the Group’s largest hub in Mainland China, surpassing Shanghai. It carried over 105,000 tonnes of freight to and from Zhengzhou during 2016 compared to 66,000 tonnes in 2015.

Flights between Luxembourg and Zhengzhou were complemented by trans-Pacific services to Chicago.

Cargolux took delivery of its 14th Boeing 747-8 Freighter, bringing its total fleet to 26, consisting of 747-400Fs, 747-400BCFs, 747-400ERFs and 747-8Fs.