Atlas produces strong Q1 results

Commercial airfreight improved dramatically in March

747-8F air freight demand Asia Atlas Air income up March William Flynn

Atlas Air Worldwide Holdings (AAWH), owners of Atlas Air and Polar Air Cargo, posted a Q1 net income of $12.8 million, up 21.9 per cent from $10.5 million in the same period a year ago. Attributing the income to “a substantial pickup in the commercial air freight market during March 2012”, AAWH president and chief executive William Flynn said in a statement that “wolumes and rates improved dramatically compared with January and February, and we were well-positioned to help customers respond to an increase in demand for airfreight capacity, especially out of Asia, for new, high-tech product launches, pharmaceuticals, automotive parts and other high-value, time-sensitive-to-market shipments”. Flynn also said that Atlas expected strong earnings growth in 2012 and that the carrier’s “new 747-8Fs are driving growth and profitability”.