Cargolux flies profitably through volatile 2016
April 26, 2017: Luxembourg based Cargolux’s net profit for 2016 totaled $5.5 million while scheduled freight tonne kilometres grew by 10 percent versus a market growth of 3.8 percent. Its worldwide market share reached 3.9 percent.
The all cargo airline has proved its qualities once more in the extremely volatile environment of the international air cargo industry. In a year dominated for the major part by worryingly low yields, fierce competition and overcapacity, the airline experienced a robust fourth quarter, one of the strongest in many years.
The extremely good peak season produced all-time record results for Cargolux. In November 2016 alone, the airline registered over 12,000 block hours flown and in excess of 96,000 tonnes sold. During that month, the airline also achieved a near record-high daily aircraft utilisation with 16:74 block hours per day, second only to November 2013, when Cargolux freighters flew an average of 16:85 hours per day.
“The excellent results for 2016 are testament to the strength of Cargolux and the dedication and passion of our employees who deserve special recognition for their effort and hard work, especially during the last quarter,” says Richard Forson, president & CEO, Cargolux. “They have enabled the airline to perform all flights as planned and deliver on our service quality promise towards our customers, who, in turn, continue to support us with their loyalty and trust. The success of Cargolux is truly a team effort and that is exactly the way it should be.”
The Cargolux Group, in 2016, carried 964,131 tonnes of freight on its global network.
Cargolux operations to and from Zhengzhou was further developed and the destination is now the Group’s largest hub in Mainland China, surpassing Shanghai. Flights between Luxembourg and Zhengzhou were complemented by services across the Pacific to Chicago and back. The airline carried over 105,000 tonnes of freight to and from Zhengzhou during 2016, (2015: 66,000 tonnes) a significant achievement that underlines the success of its growing China business.
In 2016, Cargolux took delivery of its 14th 747-8F.