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Cargolux 2016 profit falls 88pc to US$5.5 million, sales down 5.9pc
ALL freight carrier Cargolux has posted an annual 88 per cent year-on-year profit decline to US$5.5 million, drawn on revenues of $1.75 billion, a fall of 5.9 per cent.
The Luxembourg company took comfort knowing that freight tonne kilometres flown increased 10 per cent in 2016, against a market average of 3.8 per cent, while Cargolux's market share reached 3.9 per cent.
"The excellent results for 2016 are testament to the strength of Cargolux and the dedication and passion of our employees who deserve special recognition for their effort and hard work," said CEO Richard Forson.
Cargolux moved up two notches to No 6 among the 25 top cargo carriers in terms of internationally scheduled flight ton kilometres ranked by the International Air Transport Association (IATA).
The airline carried 964,131 tonnes in the year, up eight per cent year on year, with available tonne kilometres up 11.3 million. Load factors stood at 66.76 per cent, while block hours rose 6.7 per cent over 2015 at 122,575.
Its Zhengzhou hub, which had sparked some concerns in the market, became its largest in mainland China, surpassing Shanghai.
Cargolux carried more than 105,000 tonnes of freight to and from Zhenghzou last year, nearly 11 per cent of its total tonnage and up from 66,000 tonnes in 2015.
The carrier said that flights between Luxembourg and Zhengzhou were complemented by services across the Pacific to Chicago and back.
In November, its best month, the airline achieved "near record-high daily aircraft utilisation, with 16:74 block hours per day, second only to November 2013, when Cargolux freighters flew an average of 16:85 hours per day".
Last year the airline took delivery of its 14th 747-8F.
The Luxembourg company took comfort knowing that freight tonne kilometres flown increased 10 per cent in 2016, against a market average of 3.8 per cent, while Cargolux's market share reached 3.9 per cent.
"The excellent results for 2016 are testament to the strength of Cargolux and the dedication and passion of our employees who deserve special recognition for their effort and hard work," said CEO Richard Forson.
Cargolux moved up two notches to No 6 among the 25 top cargo carriers in terms of internationally scheduled flight ton kilometres ranked by the International Air Transport Association (IATA).
The airline carried 964,131 tonnes in the year, up eight per cent year on year, with available tonne kilometres up 11.3 million. Load factors stood at 66.76 per cent, while block hours rose 6.7 per cent over 2015 at 122,575.
Its Zhengzhou hub, which had sparked some concerns in the market, became its largest in mainland China, surpassing Shanghai.
Cargolux carried more than 105,000 tonnes of freight to and from Zhenghzou last year, nearly 11 per cent of its total tonnage and up from 66,000 tonnes in 2015.
The carrier said that flights between Luxembourg and Zhengzhou were complemented by services across the Pacific to Chicago and back.
In November, its best month, the airline achieved "near record-high daily aircraft utilisation, with 16:74 block hours per day, second only to November 2013, when Cargolux freighters flew an average of 16:85 hours per day".
Last year the airline took delivery of its 14th 747-8F.
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