2013 was a year of operational and financial improvement for Cargolux
In spite of a difficult environment in the airfreight industry for the most part of 2013, Cargolux Airlines achieved a significant tonnage growth
In the Annual General Meeting on 30 April, the shareholders of Cargolux Airlines International S.A. approved the audited financial statements for the financial year ended December 31, 2013. The company recorded a tonnage growth of 16.7% over 2012 to 753,848 tonnes – exceeding the 2013 budget by 13.5%. Average load factor softened 0.9 percentage points to 67.7%; Total revenues grew by 14.4% to USD 1.99 billion. The airline earned a full year net profit of USD 8.4 million compared to US$ 35.1 million net loss in 2012
Cargolux expanded its fleet with three new Boeing 747-8Fs and retained, on a power-by-the-hour basis, a Boeing 747-400F that was initially planned to exit the fleet during 2013. It also added a Boeing 747-400ERF on the same basis, which brought the fleet to 20 aircraft at the end of the year. In contrast, the budget for 2013 foresaw a fleet of 16 aircraft only.
With a bigger fleet and more operational activity than planned, Cargolux recorded an average daily aircraft utilization of 14:57 hours. The company’s market share reached 3.5% and it ranked at No. 8 among the world’s dedicated freighter and combination carriers in terms of FTKs.
‘We don’t expect market conditions to improve significantly in 2014,’ said Cargolux President and CEO Dirk Reich. ‘Our priority is to grow and expand our global network with the continued support and valuable contribution of our hard working employees while focusing on efficiency and performance improvements. I am also confident in our ability to reap the first tangible rewards from the cooperation with our new shareholder HNCA’, Reich added.