Cargolux regains profit with 14% revenue jump

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Cargolux Airlines International achieved a net profit for 2013 with revenue rising 14 per cent, the tonnage capacity sold up 16.7 per cent and freight tonne-kilometres rising 18 per cent to 5.7 million.

In 2012, the all-cargo airline had made a net loss of $35.1 million. However, this financial year saw the average load factor slide  by 0.9 percentage points to 67.7 per cent and the carrier’s chief operating officer and sales and marketing vice president depart. Their departure coincided with a 35 per cent investment by  Henan Civil Aviation and Investment Company (HNCA), which is now approved by shareholders, but is also subject to a European Commission investigation. Cargolux’s president and chief executive officer, Dirk Reich, who was appointed in March, says of the financial results: “We do not expect market conditions to improve significantly in 2014. Our priority is to grow and expand our global network with the continued support and valuable contribution of our hard working employees while focusing on efficiency and performance improvements.” He adds that he is confident in the firm’s ability to “reap the first tangible rewards from the cooperation with our new shareholder HNCA”.For 2013, according to the audited accounts that were approved at the carrier’s annual general meeting held on 30 April, revenues rose to $1,988.5 million from $1,738.9 million in 2012 and its net profit was $8.4 million.  According to the airline, its market share was 3.5 per cent.In the last year Cargolux expanded its fleet with three Boeing 747-8 Freighters and retained, on a power-by-the-hour basis, a Boeing 747-400 Freighter that was initially planned to exit the fleet during 2013. The firm also added a Boeing 747-400 Extended Range Freighter on the same basis, which brought the fleet to 20 aircraft at the end of the calendar year. In contrast, the budget for 2013 foresaw a fleet of 16 aircraft.  Its fleet consists of  nine 747-8F and 11 747-400F.

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