Cargolux cites improvement in 2013 results

The carrier had previously forecasted a possible US$27.1 million loss for 2013.


Cargolux has announced that they made a net profit of US$8.4 million for 2013. This is in comparison to the loss of US$34.1 million in 2012. In all, revenues increased 14.4 per cent year-on-year to US$1.99 billion. Freight sold increased by 16.7 per cent to 753,848 tonnes and load factor decreased to 67.7 per cent.

Previously, the carrier had forecasted a possible US$27.1 million loss for 2013. According to them, the improved performance is because of higher operational activity with the airline operating 95,022 block hours in 2013. This is 13,364 more than planned. It had also expanded its fleet by adding three B747-8Fs and one B747-400ERF while retaining one B747-400F it previously intended to retire.

Cargolux president and CEO Dirk Reich said, “We don’t expect market conditions to improve significantly in 2014. Our priority is to grow and expand our global network with the continued support and valuable contribution of our hard working employees while focusing on efficiency and performance improvements. I am also confident in our ability to reap the first tangible rewards from the cooperation with our new shareholder HNCA.”