Atlas Air parent profit up 20pc profit to US$33.9 million, revenue up 13pc

ATLAS Air Worldwide Holdings (AAWH), parent of Atlas Air and Polar Air Cargo, has posted a year-on-year 20.2 per cent third quarter profit increase to US$33.9 million, drawn on revenues of $409.3 million, up 13 per cent.

President and CEO William Flynn said the company achieved strong results even as the overall air cargo market has "underperformed expectations this year," reports Washington DC-area Air Transport World.

Mr Flynn explained that AAWH expects "strong, double-digit earnings growth" for the full year, though not as robust as previously anticipated "given the relative underperformance of the air freight market to date this year and the softer-than-expected peak season that is materialising."

AAWH earned $62.3 million in operating income in the third quarter, up 43.2 per cent year on year. Block hours flown in its core ACMI business rose 7.7 per cent to 28,451 and revenue per ACMI block hour increased one per cent to $6,247.