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Atlas Air quarterly profit up 88pc to US$39 million
ATLAS Air Worldwide Holdings, parent company of Atlas Air, Polar Air Cargo, Southern Air and Titan Aviation, reported that second quarter net profit rose by 88.8 per cent year on year to US$38.9 million.
The solid performance comes as the company focuses on expanding its presence in Asia and building up its wet-lease flying for Amazon from six at present to 20 by the end of 2018, reported Logistics Update Africa.
The company announced ACMI placement of three 747-400 freighters with Hong Kong Air Cargo Carrier Ltd. The three aircraft will be operated by Atlas Air and will fly on behalf of the carrier.
The first aircraft will enter service in September and will be operated on routes between Asia and United States, while the second and third aircraft are due to commence service in 2018.
"Earnings growth in the second quarter reflected a 17 per cent increase in revenue, 15 per cent increase in block hours, and higher direct contribution in all of our segments," said Atlas president and CEO William Flynn.
"Our growth also reflected an increase in aircraft utilization and a rise in commercial charter yields. During the quarter, we started flying for Cathay Pacific and Yangtze River Airlines and added four 767-300 freighters for Amazon, including our fifth and sixth aircraft in June," he said.
The carrier has increased its outlook for the full year. "We expect our adjusted income from continuing operations, net of taxes, in 2017 to grow by a percentage in the mid-teens compared with 2016 adjusted income of $114.3 million, approximately double the midpoint of our prior view of mid-single-digit to low-double-digit percentage growth," said Mr Flynn.
The solid performance comes as the company focuses on expanding its presence in Asia and building up its wet-lease flying for Amazon from six at present to 20 by the end of 2018, reported Logistics Update Africa.
The company announced ACMI placement of three 747-400 freighters with Hong Kong Air Cargo Carrier Ltd. The three aircraft will be operated by Atlas Air and will fly on behalf of the carrier.
The first aircraft will enter service in September and will be operated on routes between Asia and United States, while the second and third aircraft are due to commence service in 2018.
"Earnings growth in the second quarter reflected a 17 per cent increase in revenue, 15 per cent increase in block hours, and higher direct contribution in all of our segments," said Atlas president and CEO William Flynn.
"Our growth also reflected an increase in aircraft utilization and a rise in commercial charter yields. During the quarter, we started flying for Cathay Pacific and Yangtze River Airlines and added four 767-300 freighters for Amazon, including our fifth and sixth aircraft in June," he said.
The carrier has increased its outlook for the full year. "We expect our adjusted income from continuing operations, net of taxes, in 2017 to grow by a percentage in the mid-teens compared with 2016 adjusted income of $114.3 million, approximately double the midpoint of our prior view of mid-single-digit to low-double-digit percentage growth," said Mr Flynn.
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