Net income rise for Atlas Air

Atlas Air Boeing 747

Atlas Air Worldwide has seen net income for the first six months of the year reach $55.2 million, up from the $27.1 million in the same period in 2014.

In the second quarter, for the three months ending 30 June, net income was $29.4 million, compared with $15.9 million for the same quarter last year.

Atlas Air Worldwide president and chief executive officer, William Flynn, says earnings in the second quarter were driven by contribution and margin strength in aircraft, crew, maintenance and insurance (ACMI) charter and dry leasing.

Flynn continues: “We are seeing good demand for our aircraft and services as we enter the second half of 2015, as many of our customers are outperforming the overall market. We are working closely with our customers to provide them with the most efficient aircraft and effective operating services for their needs.

“As we gather additional insight into second half demand, yields and military requirements, we continue to look forward to a strong year and a significant increase in earnings compared with 2014.”

Atlas Air says it is implementing a range of fleet initiatives that are incorporated into its business performance expectations for the rest of the year.

These include, placing an additional Boeing 747-400 Freighter in ACMI service with DHL Express at the start of the third quarter, acquiring a new Boeing 747-8 Freighter which is scheduled to be delivered in November and returning an owned, unencumbered 747-400 converted freighter to active service to meet additional charter demand.

Other Atlas Air fleet plans are, securing a short term operating lease on a second 747-400 converted freighter in charter with more favourable terms, and expanding its Titan Aviation Leasing portfolio by acquiring and converting two Boeing 767 into freighter configuration.

Atlas Air says that the freighters will be leased to DHL on a long term basis when they are delivered in the fourth quarter.