Finance – Page 45
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Virgin Atlantic’s record air cargo load factor
VIRGIN ATLANTIC CARGO is celebrating achieving a turnover of £225.3m in 2013, along with a record load factor of 76 per cent – the highest ever in the carrier’s 30-year history.Bucking the trend, Virgin’s tonnage was five per cent higher (224,500) in a global airfreight market that declined by 0.5 ...
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Delta’s cargo drops, but revenue profits soar
DELTA AIR LINES posted record profits of US$ 8.9bn, despite its cargo revenue falling by nine per cent ($21m) driven by lower freight volumes and lower yields.The impressive results belies the fact that the US carrier was forced to cancel more than 17,000 flights due to severe weather in January ...
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Winter weather hits UPS operating profits
UPS took a $200m hit in operating profits for the first quarter of 2014 due to severe snowfalls in the US which saw business to business shipments slow as “manufacturers, distributors and retailers closed shop”.But the US-based international parcels giant reported signs of recovery and faster growth in Europe while ...
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Better year for Cargolux than expected
DESPITE budgeting for a US$27.1million loss last year, all-cargo airline Cargolux earned a full year net profit of US$8.4 million last year compared to a $35.1 million net loss in 2012.Total revenues during the 12 months rose 14.4 per cent to $1,988.5m from $1,738.9m in 2012.Tonnes sold increased 16.7 per ...
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Lufthansa Group's sound quarter
THE Lufthansa Group is anticipating annual 2014 operating profits of between €1.3bn and €1.5bn after an operating result of minus €245m for the first quarter of 2014, a period that is traditionally the weakest of the year.The net result for the quarter amounted to minus €252m, a substantial €206m improvement ...
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SIA Cargo cuts year end operating loss to S$100m
SINGAPORE AIRLINES CARGO recorded a S$100m operating loss for the 2013-14 financial year, as efforts to better match capacity with demand saw a reduction from the S$167m loss in prior year.The SIA Group reported an impairment of S$293m on four surplus freighters that have been removed from the operating fleet ...
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Emirates profits soar
THE Emirates Group recorded its 26th consecutive year of profits in 2013.The company posted a US$1.1bn profit – 32 per cent up on the previous year.Its revenue climbed to $23.9bn, 13 per cent higher, despite competitive pressures and the slow global economic recovery.Cargo’s contribution was impressive, with Emirates SkyCargo for ...
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A mature response
WE HAD a dig at Cargolux in our last issue, relaying information passed exclusively to my colleague Thelma Etim that all is not well at the now partly Chinese-owned all-cargo airline.Expecting some sort of angry, waspish response, I was instead surprised and heartened by Cargolux’s positive attitude towards Thelma’s investigative ...
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Challenging market conditions hits IAG Cargo’s revenue
IAG CARGO has blamed weak market conditions for its drop in revenue during the first quarter of this year.The freight arm of British Airways and Iberia revealed commercial revenue (flown revenue plus fuel surcharges) dropped to €250m from the €270m recorded during the same period in 2013.Although cargo tonne kilometres ...
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LATAM cargo revenues dip in Q1
LATAM AIRLINES GROUP saw first quarter 2014 air cargo revenues fall 12.5 per cent to around US$406m, as weakened demand saw volumes decline 2.4 per cent and yields fall 10.4 per cent.The combined LAN Airlines and TAM group, which currently operates four B777-200Fs and 11 B767-300Fs, reported that cargo trends ...
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B747-8Fs boost Cathay Pacific and Dragonair cargo
CATHAY PACIFIC CARGO and its sister company Dragonair carried 137,444 tonnes of cargo and mail in April, an increase of 11.0 per cent in comparison with the same period last year.The cargo and mail load factor rose by 2.3 percentage points to 63.1 per cent, whilst capacity, measured in available ...
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AirBridge: the new Cargolux?
FORMER Cargolux executive Robert van de Weg will play a vital role in building on the progress and numerous milestones AirBridgeCargo Airlines (ABC) has passed during its enterprising 10-year existence, writes Thelma Etim, deputy editor.As the new senior vice-president of marketing and sales at Russia’s largest freighter airline, van de ...
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Etihad steps nearer to Alitalia equity stake
ETIHAD AIRWAYS is moving closer to signing a strategic alliance with Alitalia of Italy.The UAE flag carrier confirmed that it will forward a letter detailing the conditions and criteria for a proposed equity investment by Etihad that have been negotiated with Alitalia and its stakeholders in recent months.Once the Alitalia ...
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Air New Zealand wins legal costs
AIR NEW ZEALAND has been awarded NZ$3.2 million towards its legal costs by the Federal Court in Australia as part of the settlement in an air cargo market class action.The class action, alleging anti-competitive conduct by several airlines in setting cargo rates and surcharges, was brought in 2007, claiming damages ...
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Blow for Airbus as Emirates cancels A350 XWB order
EMIRATES Airline has cancelled its order for 70 A350 XWB.The move follows the on-going discussions the carrier has been having with Airbus regarding its fleet requirement review, says the European ‘plane manufacturer.Emirates placed the order for 50 A350-900s and 20 A350-1000s back in 2007. They were scheduled for delivery from ...
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Lufthansa cuts earnings forecast
LUFTHANSA group has cut its 2014 earnings forecast due to “revenue risks” in its passenger and cargo business caused by strikes, currency impairments and “strong capacity growth by state-owned Gulf carriers”.The German flag carrier's executive board is now projecting an operating profit for the current financial year of approximately €1 ...
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Post-MH370: Malaysia Airlines refocuses
WEAK air cargo volumes dragged down the overall revenue performance of Malaysia Airlines Group, resulting in a marginal two per cent growth in the first three months of this year.The carrier, which recorded a net loss of US$134m in the first quarter, needs to accelerate efforts to improve its revenue ...
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Air China Cargo cash injection
AIR CHINA, Cathay Pacific and a third investor are to pump 2 billion yuan ($321 million) into their Air China Cargo freighter venture.In a website statement, Cathay said that the funds will assist Air China Cargo to “adjust its fleet, to reduce its operating costs and to improve the performance ...
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Air Partner in freight expansion mode
Air Partner has expanded its freight team as it looks to build on its income stream.The UK-based charter broker had revenues of £11.7 million in the financial year ended January 2014, accounting for 5.2 per cent of group turnover, compared with £55.9 million for the private jets division and £148.7 ...
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Etihad cargo volumes take off
ETIHAD Cargo is celebrating achieving 27 per cent revenue growth during the first half of this year.The freight division outperformed the global market, carrying 268,713 tonnes of air cargo and mail during the sixth-month period – up 25 per cent year-on-year – contributing significantly to the airline’s overall total revenue ...