English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

Atlas reports drop in income

PURCHASE, N.Y.: Atlas Air Worldwide Holdings has reported a net income of $93.8 million for 2013 compared with $129.9 million in 2012. Free cash flow increased to $273.1 million from $208.5 million over the period.

Fourth quarter earnings totaled $30.0 million compared with $52.4 million in the same period the previous year. President and CEO William Flynn said the fourth quarter results reflected a special charge of US$18.6 million relating to the company's decision to permanently park two 747-400BCFs it had leased following delays in the delivery of more 747-8 freighters.

Atlas 747-8f Air to AirIn 2013 the company used its free cash in the purchase of two 747-8F aircraft plus three 777-200LRF aircraft for the company's dry leasing business.

Flynn said he is "confident about the resilience of our business model and our ability to leverage the scale and efficiencies in our operations. Reflecting the business initiatives we have undertaken and the investments we have made, we have transformed the company to deliver meaningful earnings in any environment."

This year the company expects a "steeper and faster" decline in military demand for outsourced airlift - particularly cargo - than previously expected with a drop in earnings of US$0.70 a share compared to 2013.

Acknowledging that global airfreight volumes have been "essentially flat" for the last three years, Flynn noted Atlas has remained profitable throughout this period by "capitalizing on strategic initiatives to strengthen and diversify our business mix; generate operating efficiencies and continuous improvement gains; and enhance our portfolio of assets and services."

He added: "As we have noted previously, airfreight remains a long-term growth industry despite current market challenges. We have transformed our business and expect to be profitable in any environment. We are well-positioned to capitalize on market improvements and to continue to focus on the long-term growth of our business."

News

Written on 17/10/2017, 20:05
britain-should-remain-in-the-eu-says-oecdLONDON: October 17, 2017. In its latest survey of the UK economy the OECD says the positive impact on growth "would be significant should Britain remain...
Written on 15/10/2017, 19:28
africa-gdp-growth-of-3-7-percent-in-2018ABIDJAN, Côte d'Ivoire: October 12, 2017. According to a new forecast from the African Development Bank (ADB), the continent's GDP is expected to grow 3.0...
Written on 13/10/2017, 16:16
biofuels-no-alternative-to-hydrocarbons-claimLONDON: October 12, 2017. As the U.N. International Civil Aviation Organisation (ICAO) held its second conference on alternative aviation fuels this week,...
Written on 11/10/2017, 19:41
delta-pre-tax-hit-by-hurricaneATLANTA: October 11, 2017. Delta Air Lines has reported a 5.5 percent increase in third quarter 2017 (Q3) revenue to US$11.06 billion and a net profit of...
Written on 10/10/2017, 20:53
lebanon-gets-new-access-to-export-marketsTRIPOLI, Lebanon: October 10, 2017. CMA CGM has added Tripoli to its Beirut, Lebanon call on a weekly basis in a bid to link exporters in North Lebanon to...
Written on 10/10/2017, 17:34
new-russian-arrival-in-hong-kongHONG KONG: October 10, 2017. Moscow-based carrier Aviastar-Tu has begun flying a Tu-204C freighter from Novosibirsk to Hong Kong on behalf of Russia...
Written on 09/10/2017, 18:20
jetblue-launches-aid-program-for-puerto-ricoNEW YORK: October 08, 2017. JetBlue, which normally operates 53 daily flights from three airports in Puerto Rico to the U.S Mainland, has launched a...
Written on 06/10/2017, 20:34
puerto-rico-begins-to-restore-essential-servicesSAN JUAN, PR: October 06, 2017. The American Maritime Partnership (AMP), representing 450 companies specializing in U.S. cabotage routes, says its members...
Written on 05/10/2017, 22:10
saudi-arabia-tops-equestrian-event-at-asian-gamesASHGABAT, Turkmenistan: October 03, 2017. President of Turkmenistan Gurbanguly Berdimuhamedov brought the 5th Asian Indoor and Martial Arts Games in...
Written on 28/09/2017, 19:43
jd-com-to-deploy-one-million-dronesBEIJING: September 25, 2017. JD X, the innovation lab for e-commerce company JD.com, has partnered with U.S. gaming technology company NVIDIA to add AI to...
Written on 28/09/2017, 18:29
port-of-rotterdam-to-develop-blockchain-solutionsROTTERDAM: September 25, 2017. The Port of Rotterdam Authority and the Rotterdam Municipality have launched 'BlockLab' to develop applications and...
Written on 27/09/2017, 15:48
alibaba-to-invest-us-16-billion-in-logisticsHANGZHOU: September 26, 2017. The Alibaba Group is spending US$807 million to raise its stake in affiliate Cainiao Smart Logistics Network from 47...
Written on 26/09/2017, 19:30
technology-tops-most-valuable-brand-listNEW YORK: September 25, 2017. Apple, Google and Microsoft are the world's three most valuable brands according to Interbrand's latest ranking of 100 best...
Written on 26/09/2017, 17:55
unilever-remains-top-of-european-supply-chainsSTAMFORD, CT: September 25, 2017. Gartner's latest European Supply Chain Top 15 ranks Unilever No.1 for the second year running with Inditex taking second...
Written on 22/09/2017, 18:52
air-and-sea-aid-response-to-irma-and-mariaTORTOLA: September 22, 2017. With Hurricane Maria causing structural damage and power outages as it passes the Turks & Caicos islands, Royal Navy...
Written on 22/09/2017, 14:44
turkish-airlines-to-order-40-dreamlinersNEW YORK: September 21, 2017. Boeing and the Turkish government plan to develop Turkey's aerospace industry with the launch of a National Aerospace...
Written on 21/09/2017, 21:28
fedex-q1-results-hit-by-tnt-cyberattackMEMPHIS/MIAMI: September 20, 2017. FedEx Corporation has reported adjusted first quarter (Q1) revenue of US$15.3 billion, up from US$14.7 billion...
Written on 21/09/2017, 19:28
colorado-to-consider-hyperloop-one-link-with-wyomingLOS ANGELES, September 21, 2017. Hyperloop One is partnering with the Colorado Department of Transportation (CDoT) to determine the feasibility of...
Written on 21/09/2017, 18:15
rail-freight-up-19-percent-between-russia-and-chinaMOSCOW: September 20, 2017. Russian Railways' president Oleg Belozerov has reported a 6.9 percent increase in rail freight revenue year-on-year for the...
Written on 16/09/2017, 03:38
panam-provides-canada-rail-link-to-bostonPORT ST JOHN, Canada: September 13, 2017. Port operator DP World and PanAm Railways are launching an intermodal rail service between the New Brunswick...

- powered by Quickchilli.com -