Cargolux reports record profits despite challengin

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Luxembourg-based airline Cargolux saw net profits after tax increase by 72.7% year on year in 2018 to $211.2m thanks to its new ACMI operation, a record year for charter and demand for increased demand for specialist shipments.

These market conditions led to a 0.8% decline in traffic to 8.4bn tonne kms, while its load factor slipped to 67.9% compared with 70.1% in 2017. Volumes carried declined by 1.3% to just over 1m tonnes.

The airline said it took advantage of strong market conditions in the beginning of the year, thus achieving positive results despite relatively stable tonnage.

The increased demand for Cargolux’s specialized products significantly contributed to the bottom-line. The tailored transport solutions experienced heightened demand throughout the year driven by products such as CV alive, CV power and CV jumbo.

Cargolux’s charter services also witnessed a particularly strong year driven by the Europe-North America trade lane in particular. The airline also provided Maintenance bridging ACMI services to third party customers which also proved a successful endeavor.

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