Cargolux turns full-year loss into profit in 2013

Cargolux has announced it earned a full year net profit for 2013 ending 31 December, of US$8.4 million compared to US$35.1 million net loss in 2012. Total revenues rose 14.4 per cent to US$1.99 billion from US$1.74 billion in 2012.


Cargolux turns full-year loss into profit in 2013


Cargolux has announced it earned a full year net profit for 2013 ending 31 December, of US$8.4 million compared to US$35.1 million net loss in 2012. Total revenues rose 14.4 per cent to US$1.99 billion from US$1.74 billion in 2012.

“In spite of a moderate recovery in the last quarter, the airfreight industry continued to operate in a difficult environment for the most part of 2013.

Capacity growth still outstripped demand, which resulted in an industry-wide decline in yields and load factors. Despite difficult trading conditions, Cargolux grew its activities and increased volumes in a bid to maximise contribution to fixed costs.

This was achieved quite successfully, as the company recorded a tonnage growth of 16.7 per cent over 2012 to 753,848 tonnes – exceeding the 2013 budget by 13.5 per cent – while tonne-kilometres flown increased from 4.8 million in 2012 to 5.7 million in 2013.

“We don’t expect market conditions to improve significantly in 2014,” said Cargolux president and CEO Dirk Reich. “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”, Reich added.