Cargolux posts upbeat 2014 results

Cargolux finished the year with a profit of US$ 3 million despite having to impair its B747-400 fleet by US$ 40 million and providing for any potential anti-trust impact from the various legal actions that have been raised against the airlines.


Cargolux Dirk Reich Henan Civil Aviation and Investment Co. HNCA Zhengzhou


Despite what it described as a difficult overall market situation, Cargolux Airlines International S.A. ended 2014 on a positive note. “While the industry continued to suffer from overcapacity and noticeable pressure on yields, Cargolux benefited from a very strong last quarter in 2014. Combined with a rapidly declining oil price, the airline achieved record levels of block hours and tonnages while enjoying a welcome increase in yields,” it said.

This enabled Cargolux to complete the year with a profit of US$ 3 million despite having to impair its B747-400 fleet by US$ 40 million and providing for any potential anti-trust impact from the various legal actions that have been raised against the airlines. According to IATA statistics, Cargolux ranked 7th among the world’s cargo carriers at the end of 2014 and is the largest all-cargo airline in Europe.

In 2014, the company sold 828,658 tonnes of freight, 9.9 per cent more than in 2013, with revenues growing by 10.1 per cent to US$ 2.098 billion. Freight tonne kilometers grew by 11.2 per cent to 6.36 million and the loadfactor reached 66.9 per cent. Cargolux has a global market share of 3.7 per cent.

At the end of 2014, the airline operated 11 B747-8 freighters and 11 B747-400 freighters, the largest fleet in Cargolux’s history. This fleet flew a record number of 95,522 block hours on 19,195 network sectors.