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Atlas posts profit drop

August 4 - Atlas Air Worldwide Holdings has recorded an income from continuing operations of USD20.9 million in the second quarter of 2016, compared with USD28.4 million for the three months ended June 30, 2015.

"The second quarter was one of the most important in the company's history," said Atlas Air president and ceo, William J. Flynn, referring to the airline's acquisition of Southern Air and agreement with Amazon to lease and operate 20 Boeing 767-300 freighters.

"In an otherwise challenging environment during the quarter, these historic transactions stand out. Our acquisition of Southern Air in early April and the addition of its express-focused 777 and 737 CMI services generated immediate earnings accretion in the second quarter.

"Our quarterly earnings also reflected an increase in military cargo and passenger demand but a slower pace in general commercial cargo."

Flynn noted that the acquisition of Southern Air creates more options for the airline in its market segments, and the newly established relationship with Amazon includes an opportunity for additional business.

Atlas Air recorded higher ACMI (aircraft, crew, maintenance and insurance) revenues and block hours in the second quarter of 2016, which the company attributed to its acquisition of Southern Air and increase in 747-400 flights.

www.atlasair.com

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