Atlas Air Worldwide quarterly profit up 44.5pc to US$23.4 million

ATLAS Air Worldwide Holdings has announced a year-on-year 44.5 per cent increase in first quarter net profit to US$23.4 million drawn on revenues of $244.5 million, reports the Seattle Post Intelligencer.

Record earnings for the quarter compared with previous record first-quarter net income of $23.4 million for the three months ending March 31, said the company.

"Excluding one-time items, adjusted net income in the first quarter increased 86.2 per cent to $27.5 million compared with $14.8 million in the first quarter of 2009," said the company statement.

The company expects to manage and operate a fleet of twenty-two 747-400 freighters and six 747-200s (Atlas Air and Polar Air Cargo) through this year. In addition, the Titan Aviation Leasing business acquired a Boeing 757-200 freighter in March that it has leased to a Chinese airline for a five-year term.

The company also plans to start outsourced CMI (computer managed instruction) using two customer-owned 747-400 passenger aircraft later this quarter, and to begin CMI flying for Boeing using four 747-400 Dreamlifter later this year. Additional fleet and earnings growth are expected with the delivery of 12 next-generation 747-8 freighters in early 2011.

(Source: www.schednet.com)