April 25, 2019: Luxembourg-based airline Cargolux has reported consolidated net profit after tax for 2018 - 211.2 million USD, compared to 2017's profit of 122.3 million USD.
This is the second year that the company has recorded increase in net profit after tax.
The company has recorded good results despite a global softening in market demand in the second half of 2018, a shorter peak period compared to 2017, uncertainty regarding potential trade wars, geopolitical unrest and Brexit.
Increased demand for Cargolux's transport solutions contributed positively to the airline's yield quality. The airline produced 138,179 block hours; a 3 percent rise compared to the previous year. The Cargolux Group produced a total of 8,409 million FTKs across its worldwide network while the available tonne kilometers grew to 12,375 million resulting in an overall load factor of 67.9 percent for the year. The company's high aircraft utilization rate remained stable in 2018.
"Strong focus on the management of our capacity and yields, increased demand for specialized shipments, a record year for our charter division and the diversification into offering ACMI solutions all contributed to the performance achieved, "says Richard Forson, president and CEO, Cargolux.
In 2018, the company's main focus was to undertake a complete IT overhaul to streamline processes.
Also, the airline continues its efforts towards the establishment of a sustainable business in line with its commitment to the UN Global Compact and its set of Sustainable Development Goals. The fuel efficiency and CO2 reduction procedures continue to yield positive results as the company keeps exploring new avenues to further reduce its carbon footprint. The airline has also adopted IATA's short- and long-term goals for airlines to reduce CO2 emissions with the aim to eventually achieve carbon-neutral growth. Cargolux currently has 15 different fuel saving programs in place to optimize its operation while reducing the negative environmental impacts.