Business – Page 92
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News
Strong cargo growth will help airlines hike profits
IATA is forecasting a 4.5% rise in global cargo carried from 59.9m tonnes in 2017 to 62.5m tonnes in 2018 in its latest analysis, contributing to an improvement in overall airline profitability to $38.4bn compared with an expected $34.5bn this year.While the cargo growth foreseen is below the expected 9.3% ...
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West Atlantic in talks with potential ‘significant’ shareholders
West Atlantic is in “advanced discussions” with “parties who have shown serious interest in taking on a significant shareholding in the company”, said chief executive and president, Fredrik Groth in the Swedish cargo airline’s third quarter interim report.Admitting that the carrier – a major air network provider to several European ...
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Widebodies boost Aeroflot’s cargo takings
Aeroflot Group’s cargo revenue rose 37.2% year-on-year to RUB11.3bn as it added new wide-body aircraft to its fleet and cargo and mail volumes grew by 38.9%, it said in its financial report for the nine months ended September 30.Total revenue, including passenger, increased to RUB 404.7bn, up 6.2% year-on-year, it ...
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Airlander damage ‘substantial’ says Hybrid Air Vehicles
Hybrid Air Vehicles (HAV) has admitted that its Airlander 10 airship sustained “substantial damage” when it broke free from its mooring on November 18.The company, which is developing a new design of lighter than aircraft, said it would be making a claim for up to £32m, the maximum insured value.The ...
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British Airways cargo cartel appeal rejected
The European Court of Justice has turned down British Airways attempts to have its fine for its alleged role in the air cargo cartel overturned.In a complex ruling, which can be found here, Europe's highest court dismissed the airline's appeal to fine the carrier €104m for operating a price-fixing cargo ...
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Hurricane response helps boost ACS Q3 revenues
Broker Air Charter Service (ACS) saw revenues increase by 50% in the third quarter of the year, with growth across its three main divisions.The company reported total revenues of £144m for the third quarter with company growth and the response to hurricanes boosting performance.ACS group chief executive Justin Bowman said: ...
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LATAM cargo revenues in first rise for four years, but yields edge down
LATAM Airlines Group saw third quarter 2017 airfreight revenues rise by 2.5% to $272.2m, the first cargo revenue increase in four years.The revenue rise in the three months ending September was driven by a 3.5% increase in cargo traffic, although cargo yields “declined slightly” by 1.0% over same period prior ...
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Turkish Airlines third-quarter cargo results rocket up
Turkish Airlines moved 810,489 tons of cargo between January and September this year – an increase of 26.8% over the same nine months of 2016.The Far East, Europe and North America led the way in terms of rising volumes of cargo and mail carried, each with around 30% more than ...
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DHL forwarding's quarterly airfreight volumes up 8% as gross profit declines
Deutsche Post DHL Group (DP-DHL) registered positive results during the third quarter of 2017, with total revenue up 5.6% over like period last year, to €14.6bn.“We had a strong third quarter with record earnings yet again,” said Frank Appel, group chief executive of the Germany-based global mail and logistics company.“All ...
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SIA Cargo achieves massive turnaround
SIA Cargo, the freight arm of Singapore Airlines, has successfully turned the tables on its 2016-17 first-half loss of S$45m, posting an operating profit of S$32m for the same period of the 2017-18 financial year.The carrier attributed the result to higher volumes (up 6.1% year on year) as well as ...
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E-commerce leads Aramex profit growth
Middle East based forwarder Aramex said its net profits had increased by 13% in the third quarter of 2017 to AED 81.6m, up from AED 72.2m in 2016.Revenues in the third quarter, ending September 30, also increased 9% to AED 1,144m, compared to last year’s AED 1,050m. Were it not ...
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West Atlantic flies through choppy air
Swedish cargo airline West Atlantic confirmed that it has suffered financially this year, largely as a result of high start-up costs caused by delayed deliveries of aircraft needed to fulfil its new Royal Mail contract.In a statement on its website, the Gothenburg-headquartered airline said: "As a consequence, the company does ...
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ANA international freight soars by a third
A 31.1% year-on-year increase in international cargo revenue to ¥12.9bn helped Japan’s All Nippon Airways (ANA) to record profits in the first half of the financial year (April-September).International cargo benefited from a strong outbound performance to overseas destinations thanks to robust demand, especially for automobile parts to North America and ...
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NYK to become 100% owner of forwarder Yusen
Japanese shipping and transport company NYK is to acquire the remaining 41% stake of its freight forwarding subsidiary, Yusen Logistics, from minority shareholders. The transaction is expected to be completed by late March, 2018.In a statement, NYK said the move was part of its strategy to expand beyond its traditional ...
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American Airlines on the up
American Airlines achieved revenues of $10.9bn during the July to September period, up by 2.7% on the same three months of 2016.The giant US carrier also reported a third-quarter pre-tax profit of $1bn despite a challenging operating environment in the second half of 2017, not least because of the hurricanes ...
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Lufthansa sees cargo business continue to improve in third quarter
Lufthansa’s cargo and logistics division saw revenues and operating profits continue to improve during the third quarter of the year as the market maintained its upward trend and the carrier offloaded two MD-11Fs.The German airline’s logistics division, which includes Lufthansa Cargo, Jettainer, time:matters and an equity investment in AeroLogic, saw ...
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Opticoolers now available on Saudia flights
DoKaSch Temperature Solutions says its RKN and RAP Opticooler active containers are now available on Saudia Cargo flights following a master agreement signed with the German ULD provider.The Opticooler is designed to keep sensitive cargo such as pharmaceuticals cargo within a temperature range of 2° to 8° Celsius or 15° ...
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European airlines call for air traffic control strikes to be made illegal
The European Regions Airline Association (ERA) is calling on the European Union (EU) and national governments to put an end industrial action by air traffic controllers, which it says is hugely disruptive and costly to the industry.Its call comes after industrial action by air traffic controllers disrupted operations at several ...
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Profits surge at Air Partner
Aviation services group, Air Partner reported gross profit of £18.1m for the six months to 31 July, up 12.2% on the same period of 2016. The UK-based company said it reflected strong trading performance in its broking division.Underlying profit before tax was £4.1m, a year-on-year increase of 34.4% while the ...
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Atlas Air and Polar Air Cargo accuse unions of "illegal work slowdown"
Atlas Air and Polar Air Cargo Worldwide have accused unions of an "illegal work slowdown" and have filed a complaint with a US district court to stop the action.The airlines, part of Atlas Air Worldwide, said the International Brotherhood of Teamsters, the International Brotherhood of Teamsters, Airline Division, and Local ...