Atlas Air Worldwide second quarter profit triples

ATLAS AIR parent, Atlas Air Worldwide Holdings (AAWH), which also owns Polar Air Cargo and Titan Aviation Leasing, has registered a second quarter net profit of US$32.8 million, more than a three-fold improvement over earnings of $10.6 million in the year-ago period.

Second quarter revenue rose 48.4 per cent year on year to $356.2 million, while expenses increased 36.6 per cent to $292.9 million, producing operating income of $63.3 million, up 148.2 per cent from $25.5 million last year, reported Air Transport World.

The strong performance reflects "a substantial increase in flying activity by ACMI and commercial charter customers," the company said in a statement.

President and CEO William Flynn said the cargo carrier's continued growth in earnings is: "Driven by the global scale and scope of our customer offerings and continuing improvement in air freight demand, which has seen global air freight traffic rise above pre-recession levels. Tight supply in the wide-body, long-haul, heavy freighter space has also contributed to a significant improvement in rates."

AAWH projects that its full year adjusted net earnings will "exceed $113 million." Full year 2009 net income was $77.8 million, up 22.1 per cent from a $63.7 million profit in 2008.
(Source:www.schednet.com)