May 1 - Cargolux Airlines International earned a full year net profit of USD8.4 million in 2013, compared with a USD35.1 million net loss in 2012.
In spite of moderate recovery in the last quarter, the airfreight industry continued to operate in a difficult environment for most of 2013, and capacity growth still outstripped demand, which resulted in an industry-wide decline in yields and load factors.
Despite these difficult trading conditions, Cargolux grew its activities and increased volumes in a bid to maximise contribution to fixed costs. Total revenues rose 14.4 percent to USD1.9 billion from USD1.7 billion in 2012, while tonnes sold increased 16.7 percent to 753,848 from 645,759 in 2012.
Cargolux also expanded its fleet with three new Boeing 747-8Fs and retained a Boeing 747-400F that was initially planned to exit the fleet during 2013. This brought the airline's fleet to 20 aircraft at the end of 2013, in contrast to the year's budget which foresaw a fleet of 16 aircraft only.
Cargolux's president and ceo, Dirk Reich, said that the airline does not expect market conditions to improve significantly in 2014, but its priority is to grow and expand its global network and it looks forward to reaping the first tangible rewards from cooperation with its new shareholder HNCA.