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PURCHASE, NY: May 03, 2017. Atlas Air Worldwide Holdings (AAWH) has reported a net loss of US$752,000 on revenue of US$475.4 million for Q1 2017. Results for the same period last year were a profit of US$471,000 on revenue of US$418.6 million.

The company's ACMI business increased from US$182.7 million to US$200.7 million year-on-year; charter revenue rose from US$202.3 million to US$243.9 million; and its dry leasing operation saw a decline from US$28.2 million to US$26.7 million during the period.

Free cash flow fell from US$8.4 million to minus US$4.8 million year-on-year.

Cathay Atlas Air 747-8Commenting on the results president and CEO William Flynn said the company was "off to an exciting start in 2017" and noted the full-year contribution from Southern Air and its service to Amazon would have a positive impact on AAWH results.

"We placed our second B767-300 aircraft into service for Amazon in February, and just added our third and fourth aircraft in May," Flynn continued.

Coincident with the publication of its Q1 results, AAWH has announced Cathay Pacific is taking two Atlas Air B747-8 freighters under an ACMI contract beginning this month.

Cathay Pacific director Cargo Simon Large noted: "This agreement underscores the strength of our cargo operations and our commitment to enhance the frequency of our services across our expanding global network. We are very pleased to be able to provide our customers with increased options, flexibility and convenience and look forward to developing a long-term partnership with Atlas Air Worldwide."

Flynn said that in addition to Cathay Pacific, AAWH has new agreements with Asiana Cargo, Nippon Cargo Airlines and FedEx that will all contribute to earnings growth this year

Acknowledging Q1 earnings "were in line with our expectations," he added: "Consistent with our prior outlook, we anticipate that our adjusted income from continuing operations, net of taxes, will grow by a mid-single-digit to low-double-digit percentage compared with our 2016 adjusted income of US$114.3 million."

Cathay Pacific and Cathay Dragon carried 181,189 tonnes of cargo and mail in March, an increase of 15.4 percent year-on-year. The combined load factor gained 7.3 percent to reach 70.3 percent, as capacity increased by 3.3 percent and revenue per tonne flown rose 15.4 percent during the month.

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