Atlas Air Worldwide Holdings, the USA holding company for Atlas Air, announced a €11.8mn net income for the second quarter of 2014. This is €3.4mn less than the same period in 2013.
However, despite this, William Flynn, President & CEO of Atlas, states that the company is off to a good start in 2014.
This statement is backed up by the results of the first six months which show Atlas having generated a total net revenue between January to June, of €20.3mn, compared to €19.6mn in the first half year of 2013.
As far as figures are concerned - nothing really much to write home about!
Are the Atlas management people trying to convince themselves that things are getting back to normal?
The carrier lives from ACMI and Dry Lease operations, both of which have dropped back considerably in the past two years.
It’s interesting to note that Atlas claims that although the ACMI business has picked up somewhat through the introduction of the Boeing 747-8F, that block hour volumes were down because of IAG
Cargo returning three 747-8F’s to Atlas when they decided to hook up with Qatar Airways instead.
Read also: IAG Cargo Sees Progress Despite Lower Results
This surely shows the fragility of the ACMI business as a whole as other carriers are also scrutinizing their “all freighter” fleet strategies.
In comparison, the Dry Lease activities seem to be stable.
The six Boeing 777F’s in the Atlas fleet are said to be all out on long-term leases to other carriers.
Hopefully, Atlas can end 2014 still in the black figures.
They are a carrier of long standing quality and excellence and it would be good to see them around for the coming years.
John Mc Donagh