Cargolux Airlines streamlines its fleet and cuts costs

Following a full year net loss of USD 18.3 million in 2011 Cargolux Airlines strives for fast improvement in results
 
Restructuring its network and streamlining its fleet, accompanies by some more measures to reduce costs and seize new market opportunities, Cargolux Airlines International (Luxemburg) intends to generate a decent result in the 2012 fiscal year. In this action plan the management takes into account the volatile business development that is expected for the current fiscal period, they stated at the presenation of the 2011 annual report.
 
In 2011 Cargolux Airlines felt the consequences of declining exports from Asia and the weak development of volumes in traffic with Africa. The transport performance provided in the total system decreased 4.6 per cent to 5.039 billion freight ton kilometres (FTK). Load factors dropped by 2.5 percentage points to 70.8 per cent. The volume carried in 2011 amounted to 658,800 tons of cargo, 3.6 per cent less than in the previous year. Despite revenues rose 8.4 per cent to USD 1.867 billion the annual result showed red figures because of the high prices for kerosene. The balance sheet shows losses at the amount of USD 18.3 million, after a profit of USD 59.8 million in 2010.

Quelle: LogEastics

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