Finance – Page 40
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SIA sees 7.2% air cargo revenue decline in Q1
Singapore Airlines Group saw cargo revenue decline 7.2% in the first quarter of the current financial year (April-June 2015), despite a slight increase in freight carried, due to a 7.6% fall in yield.SIA Cargo recorded a first quarter loss of S$9m, compared with a S$18m deficit in the like three-month ...
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Hawaiian Airlines outlines reasons for freighter acquisitions
Hawaiian Airlines has given more details on the logic behind its decision to begin all-cargo flights to neighbouring islands.Speaking during an investor call to discuss second quarter results, Hawaiian Airlines president and chief executive Mark Dunkerley said the three ATR 72 turboprop freighters it would acquire would open up US ...
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Forwarder CH Robinson reports tough Q2 for air cargo
US trucking and forwarding giant CH Robinson saw airfreight revenues decline in the second quarter as it came under pricing pressure.The Minnesota-headquartered company recorded an overall 1.2% year-on-year increase in revenues during the quarter to $3.55bn, while net income grew by 15.7% on a year earlier to $137m.The increases were ...
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UPS second quarter boosted by international supply chain
UPS saw improved operating profit and margin in the second quarter of 2015, led by the International and Supply Chain and Freight segments.Currency exchange rates and lower fuel surcharges reduced total reported revenue growth, which declined 1.2% from the same quarter last year to $14.1bn.The US-based global parcels and logistics ...
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Air France KLM warns of capacity cuts as losses deepen
Air France KLM’s cargo division has seen losses deepen in the second quarter of the year and services at the airline will be cut as it attempts to address overcapacity.The airline group’s cargo division saw its operating loss for the second quarter of the year increase by 33% against last ...
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American sees cargo revenue decline but reports record quarterly profit overall
American Airlines Group saw cargo revenues decline during the second quarter of the year but the overall airline recorded profits for the period.The airline group’s cargo revenue during the second quarter declined to $194m compared with $221m a year earlier, while demand slid by 0.2% year on year to 594 ...
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Cargojet secures funding for freighter conversion
Funds belonging to Tennenbaum Capital Partners (TCP) are to provide up to $82.5m of financing to Cargojet to fund the acquisition and conversion of B767-300ER passenger aircraft into freighters.The transaction will provide the Canada-based overnight airfreight operator with additional capacity to support its growing business."We have a long history of ...
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Swissport revenue surge as air cargo recovers
Acquisitions, new business and a recovering air cargo industry saw Swissport report a 38 per cent increase in 2014 revenues to SFr2.9bn.The Switzerland-based provider of airport ground and cargo handling services said that aviation industry trends last year included outsourcing, growing passenger numbers in line with capacities and “an air ...
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UPDATE: First half air cargo boost for K+N
Kuehne + Nagel delivered a "sensational" airfreight performance in the first half of the year as export increases from Europe, North America and Asia helped the logistics giant outpace the airfreight market with a 5.2% rise in volumes to 610,000 tonnes.In addition, said Switzerland-based K+N, the expansion of services for ...
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FedEx freighter deal 'on the agenda' - Bloomberg
FedEx senior management met at the weekend to discuss a $5bn order for at least 25 Boeing 767 freighters, according to the Bloomberg news agency.Citing “two people familiar with the matter”, Bloomberg said that the US parcel giant’s directors met in the Seattle area over the weekend, where the deal ...
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Volga-Dnepr eyes billion dollar B747-8F expansion
Volga-Dnepr has signed a memorandum of understanding with Boeing to further its fleet expansion with 20 additional B747-8 freighters, with a list price value worth $7.4bn.The additional 20 airplanes will be acquired through a mix of direct purchases and leasing over the next seven years, the companies said in a ...
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FedEx takes axe to 15 freighters
US parcels and logistics giant FedEx has "permanently retired" 15 aircraft and 21 related engines as it continues to “rationalise capacity and modernise its aircraft fleet to more effectively serve FedEx Express customers”.FedEx has taken a non-cash impairment charge of $246m recorded in May 2015 and has also adjusted the ...
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Malaysia Airlines technically bankrupt
The chief executive of Malaysia Airlines has said the company is technically bankrupt, following on from the appointment of an administrator to oversee the transfer of selected assets and liabilities to a new company.Speaking at a news conference Christopher Mueller, who took over the chief executive role in May, said ...
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DHL invests $108m in Cincinnati hub upgrade
Express parcel giant DHL is investing $108m to expand its Americas hub facility at Cincinnati/Northern Kentucky airport (CVG) to meet the demands of continued growth in international e-commerce and global trade.The expansion will provide more gates to accommodate additional aircraft, warehouse space and new equipment to provide more capacity for ...
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Panalpina to buy Egyptian agent
Panalpina is to acquire its Egyptian agent for the last 20 years, Afifi, a family-owned company specialising in freight forwarding, customs clearance and logistics. Terms were not disclosed.The move is an important step in Panalpina’s continued strategic expansion in growth economies, in particular in the Middle East and Africa. Afifi ...
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Etihad Cargo the star performer
The rapid growth of Etihad Airways and its cargo division was confirmed in its 2014 annual report, with overall revenues and profits increasing by double-digit levels and cargo revenues breaching the billion dollar mark.During 2014, Etihad Cargo recorded a 19.2% year-on-year increase in cargo revenue to $1.11bn on the back ...
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ASL to boost stake in India's Quikjet
Dublin-based ASL Aviation Group has received regulatory approval to increase its shareholding in India’s Quikjet Cargo Airlines to 72.6%.The Indian government’s Foreign Investment Promotion Board (FIPB) has approved the application for ASL to increase its 51% holding through a subsidiary, Farnair Switzerland.The approval comes a few months before the planned ...
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Asia carriers close to break-even in 2014
Asia Pacific airlines operated at close to break-even in 2014, compared to a net profit of $2.2bn in 2013.Preliminary financial performance figures released by the Association of Asia Pacific Airlines (AAPA) show that stiff competition, excess capacity, high fuel costs and Asian currency volatility were the major drag on results.This ...
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SIA Cargo operating loss narrows to S$22m
SIA Cargo made a S$22m operating loss in the 2014-15 financial year, compared with a S$100m loss in prior year as it benefited from a “moderate recovery” in air cargo demand and “diligent capacity management”.The Singapore carrier's cargo load factor - it operates eight B747-400s - improved 0.8 percentage points ...
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Damco sees $9m loss as airfreight dives
Damco, the troubled logistics arm of Danish shipping giant AP Moller-Maersk (APMM), made a $9m loss in the first quarter of 2015 as its airfreight volumes fell 19%.The division's total supply chain revenue fell nine percent, year on year, to $683m for the January to March 2015 period, of which ...