All Finance articles – Page 36
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News
Solid year-end quarter for Atlas
US-based freighter lessor Atlas Air Worldwide Holdings (AAWH) saw “solid peak-season volumes and yields, supported by continued e-commerce growth” in the fourth quarter of 2015 although it reported a net income loss of $37.5m due to a litigation settlement.In January this year, the group’s Polar Air Cargo subsidiary reached a ...
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NewsOperating profits slide at Air France KLM's cargo division
Air France KLM saw its cargo division’s financial performance worsen last year as it faced weak demand conditions and continued with restructuring.The Franco-Dutch airline group saw revenues at its cargo division decline by 9.5% year-on-year in 2015 to €2.7bn, while operating profits declined by 15.6% on 2014 levels to a ...
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TNT returns to the black in the fourth quarter
Express delivery firm TNT returned to the black during the fourth quarter of last year on the back of revenue growth and cost cutting measures.The Amsterdam-headquartered company, which is the process of being taken over by FedEx, reported fourth-quarter revenues of €1.9bn, up 4.1% compared with the same period in ...
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Profits up at lessor Air Castle as it continues to reduce freighter fleet
Aircraft lessor Air Castle, which hit the headlines with the lease of an aircraft to CargoLogicAir last year, saw a double-digit increase in profits in 2015 despite revenues remaining flat.AirCastle, which includes 11 freighters in its fleet of 162 aircraft, saw net income for 2015 increase by 20.7% year on ...
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NewsDSV sees airfreight demand grow ahead of market while profits soar
The first of the major European freight forwarders has reported its 2015 full-year results, with DSV recording ahead of market airfreight growth and increases in profits and revenues.The Danish forwarder, which in January received final regulatory clearence for the takeover of UTi, recorded a total revenue increase of 4.7% year ...
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Freighter lessor ATSG upbeat on 2015 results
US-based freighter lessor Air Transport Services Group (ATSG) said that its financial results for 2015 are “likely to exceed management’s earlier guidance” due primarily to better-than-expected results from its airline operations in the fourth quarter.ATSG now projects that its earnings before interest, taxes, depreciation and amortization (EBITDA) will likely be ...
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Damco back in profit for 2015
Damco, the freight forwarding arm of Danish maritime giant AP Moller-Maersk (APM), moved from an underlying $225m loss in 2014 to an underlying $15m profit in 2015 as its airfreight volumes fell by 4%.“Productivity improvements, overhead cost reductions and growth in supply chain management activities were the primary drivers behind ...
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SIA Cargo Q3 profits down despite demand jump
Singapore Airlines Cargo saw operating profits decline in its fiscal third quarter despite an increase in demand.SIA Cargo recorded an operating profit of S$2m during the October-December period compared with a S$17m profit during the same period in 2014.It said the decline was down to yields declining by 13.5% as ...
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RiverOak applies for Manston airport reopening
US hedge fund RiverOak has made a pre-application inquiry to UK planning inspectors for a Development Consent Order (DCO) to reopen Manston airport in the south-east of the country, primarily as a freight gateway.The UK's Planning inspectorate confirmed that it had received a pre-application inquiry from RiverOak in early January. ...
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NewsUS airlines see cargo revenues slide
The three major US airlines saw cargo revenues decline last year as volumes slid and lower fuel prices had an effect on takings.The busiest of the airlines in cargo terms was United, which was the only one that managed to record an increase in cargo volumes compared with 2014 levels, ...
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'Marginal' 2015 cargo growth for Asia Pacific airlines
Asian Pacific airlines saw a “marginal increase” in cargo markets during 2015, while passenger traffic recorded “robust growth”.Preliminary full year 2015 traffic figures released by the Association of Asia Pacific Airlines (AAPA) saw international air cargo demand, measured in freight tonne km (FTK), register a 1.6% increase for the year, ...
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Munich subsidiary buys Berlin airport ground handler
Southern Germany airport group Flughafen München (FMG) has expanded its ground handling operations in Berlin with the purchase of a Spanish-owned operator at the capital’s Tegel Airport (TXL).AeroGround Flughafen München, a ground handling subsidiary of FMG, has acquired the established ground handling companies Acciona Airport Services Berlin and HSD Flughafen.A ...
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Atlas Air to acquire Southern Air in $110m takeover
Atlas Air Worldwide Holdings has entered into a definitive agreement to acquire privately held Southern Air Holdings, a US provider of intercontinental and domestic air cargo services.The deal is "an immediately accretive, all-cash, debt-free transaction" valued at approximately $110m, said Atlas.The transaction is subject to customary closing conditions and approval ...
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Aramex buys Fastway Couriers in New Zealand
Dubai-based logistics operator Aramex has expanded its footprint in the Asia-Pacific region with the 100% acquisition of Fastway Couriers in New Zealand for NZ$125m.Established in 1983, Fastway Couriers' global network includes 63 regional depots and 1,500 courier franchisees across Australia, New Zealand, Ireland, Northern Ireland and South Africa. With more ...
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DSV clears final regulatory hurdle in $1.35bn takeover of UTi
South Africa's antitrust authority has given its approval for DSV's $1.35bn takeover of UTi, the last country regulator to do so, clearing the way for the transaction to close later this week.Shareholders at US logistics player UTi have already voted in favour of the offer from the Danish forwarder, a ...
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Southern comfort as Atlas swoops for ACMI rival
Atlas Air Worldwide Holdings has entered into a “definitive agreement” to acquire privately held Southern Air Holdings for $110m, a deal that brings together two US-based ACMI service providers with a combined fleet of more than 75 aircraft.The transaction, with Atlas Air using “available cash on hand” to complete the ...
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UTi shareholders vote yes for $1.35bn takeover offer from DSV
Shareholders in US logistics player UTi have voted “overwhelmingly” to approve a $1.35bn takeover bid by DSV of Denmark, a deal that will create the world’s eighth largest airfreight forwarder.DSV said that closing of the transaction is subject to the “relevant regulatory approval being obtained from competition authorities in South ...
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American takes $592m hit on trapped Venezuelan revenues
American Airlines has written off $592m as a 2015 fourth quarter special charge relating to revenues trapped in Venezuela.The US carrier stated: “In connection with the preparation of the Company’s financial statements for the fourth quarter of 2015, management has concluded that due to continued lack of repatriations and deterioration ...
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DHL takes a stake in French e-commerce logistics specialist
Deutsche Post DHL Group is taking a 27.5% stake in Relais Colis, a French e-commerce logistics specialist serving Europe’s third largest internet retail market.The Germany based global logistics giant said that the minority holding will “support the further development of the French e-commerce logistics specialist’s network of pickup points and ...
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Polar Air Cargo agrees to payout $100m in US cartel lawsuit
Polar Air Cargo has reached a $100m settlement with plaintiffs in the ongoing air cargo cartel class action lawsuit in the US.In a statement, the airline said that it, along with Polar Air Cargo Worldwide and parent Atlas Air Worldwide Holdings, will pay out $35m by January 15 this year, ...