Finance – Page 3
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News
Singapore Airlines Group sees cargo revenues decline
Singapore Airlines (SAI) Group saw its cargo revenues decline in the last financial year but is hopeful of improvement for the current year.The Singapore-headquartered airline group reported a 41.2% fall in cargo revenues for the 2023/24 financial year to S$2.1bn on the back of a 42.2% decline in yields due ...
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Emirates SkyCargo volumes up 18% in 2023-2024
Emirates SkyCargo reported a 18% rise in air cargo volumes for 2023-24 but reduced cargo revenue due to higher rates.The cargo division of Emirates carried a total of 2.2m tonnes of goods around the world in 2023-24, said Emirates Group in its annual report for the financial year April 1 ...
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NewsIAG Cargo sees demand rise but revenues fall in Q1
IAG Cargo registered an increase in cargo traffic in the first quarter of the year but the improvement was not enough to protect revenues from a fall in market rates.The cargo business of the IAG Group, which includes British Airways, Iberia and Aer Lingus, saw first-quarter cargo tonne kms increase ...
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NewsAsia-Europe trade aids DHL's Q1 airfreight volumes
Growth on trade between Asia and Europe was the main driver for a rise in DHL's airfreight volumes in the first quarter of this year, although airfreight revenue and profit suffered.DHL reported a 5.1% year-on-year rise in airfreight volumes to 435,000 tons in the first quarter.First quarter airfreight revenue in ...
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NewsAtlantic market a drag on Air Canada's cargo performance
Air Canada saw its cargo revenues decline in the first quarter of the year as weaker volumes on its Atlantic services took their toll.The Montreal-headquartered airline recorded a 9% year-on-year decline in first-quarter cargo revenues to C$215m.Increases in its domestic, US transborder and Pacific cargo revenues were not enough to ...
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NewsIT issues and yield declines weigh on AF KLM's Q1 cargo results
Air France KLM saw its cargo revenues decline in the first quarter of the year despite volumes increasing.The Franc0-Dutch airline reported a 16.5% year-on-year decline in cargo revenues during the first quarter to €562m while unit revenues per available tonne km (ATK) were down 27%.This revenue decline came despite cargo ...
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NewsCargojet profits improve in Q1
Canada-headquartered Cargojet saw its profits improve in the first quarter as the business benefitted from rising domestic e-commerce demand.The company saw first-quarter revenues slip 0.3% year on year to C$231.2m, while earnings before income taxes (ebit) improved by 8.7% to C$37.6m and net earnings were up 6.6% to C$32.5m.The decline ...
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NewsLufthansa Cargo in the red in Q1 as strikes take their toll
Lufthansa's logistics division reported an operating loss in the first quarter of the year due to weakening air cargo rates and strike action.The logistics division, which includes Lufthansa Cargo, time:matters, Jettainer, HeyWorld and a 50% stake in AeroLogic, saw first-quarter revenues drop 16% year on year to €691m and earnings ...
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Icelandair Group cargo division edges back into operating profit
Icelandair Group has recorded an improvement in its cargo operation, with a return to operating profit in the first quarter.The company stated that it is “on track” to deliver a full-year operating profit in the division after implementing a number of efficiency measures.The company's cargo business reported a first-quarter operating ...
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NewsFreighter demand is bright spot for Cargolux in 2023
Luxembourg-headquartered cargo airline Cargolux boosted its 2023 results with demand for dedicated freighter capacity, despite lower demand and rates in 2023.The Cargolux Group generated revenues of $2,975bn and profit after tax of $286m.However, the company's operational KPIs were all down on the previous year.Source: CargoluxReflecting on its 2023 results the ...
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NewsDSV airfreight volumes up 2.3% in Q1 but profit falls with rates
DSV's airfreight volumes benefited from strong demand out of Asia in the first quarter of the year, although revenue and profit fell as rates dropped in the market.The forwarder's airfreight volumes increased 2.3% in the first quarter of 2024 to 335,213 tonnes. This is compared to 327,712 tonnes in the ...
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NewsUPS revenue drops 5% in Q1
Express services giant UPS recorded consolidated revenue of $21.7bn in the first three months of this year, a 5.3% fall on its performance in the first quarter of 2023.Consolidated operating profit was down further, by 36.5% year on year to $1.6bn (and down 31.5% on an adjusted basis).The company's Supply ...
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News
Finnair’s cargo revenue and yields fall in first quarter of this year
Finland’s flag-carrier Finnair has blamed lower cargo revenue and yields as among the reasons for declining overall revenue earned in the first quarter of this year.The airline made €46.3m in revenue in the first quarter of 2024 from cargo, down from €53.4m in the same period of 2023.Finnair’s revenue cargo ...
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NewsK+N sees airfreight turnover and profits fall in first quarter
Both airfreight-related turnover and profit fell year on year in the first quarter of 2024 for Kuehne+Nagel (K+N), contributing to some disappointing results across the business.Across K+N, turnover was down by 18% over the first quarter of 2023, gross profit by 13%, and the figures for K+N’s Air Logistics segment ...
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NewsTurkish Cargo sees volumes and revenues decline in 2023
Turkish Cargo saw revenues and volumes decline last year on the back of lower airfreight rates and a weaker air cargo market.The Istanbul-hubbed carrier saw cargo revenues decline by 30% year on year in 2023 to $2.6bn, while cargo volumes fell by 1.2% to 1.7m tons.The declines reflect overall market ...
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FedEx profits improve as cost cutting takes effect
FedEx saw its profits improve in the third quarter of its fiscal year despite revenues coming under pressure due to weak market conditions.The express giant saw its fiscal year third-quarter revenues decline by 2% year to $21.7bn, but operating income improved by 19% on last year to $1.2bn and net ...
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NewsAgeing freighter fleet set to tighten global market, says Atlas Air chief
Michael Steen The global supply of full-freighter aircraft is tightening, says Atlas Air Worldwide chief executive, Michael Steen. In an interview for Bloomberg TV’s Daybreak programme on 13 March, he pointed out that of the 650-strong global all-freighter fleet, around 125 are coming up for retirement. “That ...
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NewsCathay cargo tonnage surge outpaces revenue as yields droop
Source: Cathay CargoCathay Pacific Airways carried 1.38 million tonnes of cargo in 2023, up almost 20% on the previous year’s 1.15m tonnes, said the Hong Kong-based carrier when it announced its annual results on 14 March.Cargo revenue tonne-kilometres surged by over 40%, from 5,774m to 8,099m, but load factors and ...
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NewsLufthansa Cargo revenues fall in 2023 as rates cool
Lufthansa Cargo reported a year-on-year revenue drop of 36% in 2023 due to rates normalising after the highs seen during the pandemic era.The cargo arm of German airline Lufthansa recorded revenue of €2.98bn in 2023, a drop of 36% from €4.6bn in 2022.Lufthansa Cargo also generated an adjusted ebit of ...
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DHL's airfreight volume decline slows in Q4 2023
DHL Group's airfreight volumes in the fourth quarter of 2023 continued to suffer from reduced air cargo demand, but the quarter was a marked improvement on earlier in the year.Fourth quarter airfreight volumes were down 3.6% year on year to 433,000 tons. Year on year, this compares to -12.2% in ...