Cargolux suffers 2011 net loss of US$18.3 million as revenue rises 8.4pc
2012 04 02
- Details
LUXEMBOURG's Cargolux has announced a net loss of US$18.3 million in 2011, drawn on a revenue increase of 8.4 per cent to US$1.87 billion year on year.
Europe's largest scheduled cargo airline blamed poor results on high fuel prices, increased leasing costs and the delay of deliveries of Boeing 747-8 freighters. Thirteen of them arrived in March increasing the fleet to 15. Qatar Airways also bought a 35 per cent stake in Cargolux.
Its load factor dropped 2.5 percentage points at 70.8 per cent with volume down by 3.6 per cent to 658,000 tonnes.
Imports were badly hit into Europe and out to Asia with the flower markets of Kenya and Ecuador also down, said the carrier.
"Looking to 2012, we expect trading conditions to remain more than challenging," said Cargolux chairman Albert Wildgen.
Shipments across regions saw Asia down by 15.4 per cent and Africa decline by 14.3 per cent. Export traffic was strong out of Europe with Germany at a record high and Asia stabilised. Americas increased by 10.1 per cent.
Source Shipping Gazette - Daily Shipping News
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