Luxembourg’s all-freight airline posted net income after taxes of $122.3m, up from $5.5m in 2016, $43.9m in 2015 and $2.8m in 2014.
According to its 25 April media release, last year:
“For the first time in its history the Cargolux Group exceeded 1 million chargeable tonnes flown. Its worldwide market share grew to reach 4% and it ranks as the 6th largest airline in respect of international scheduled freight operations.”
The cargo carrier said it flew “in excess of 250,000 tonnes of freight to and from China, including 147,000 tonnes to and from Zhengzhou and established itself as the largest cargo carrier in this hub.”
Richard Forson, president and CEO of Cargolux, said in the earnings announcement:
“The outstanding results for 2017 are a reflection of Cargolux’ employees’ dedication, passion and commitment to make this year a successful one on all fronts….
“Our employees are at the heart of Cargolux’ success and continually endeavor to ensure all requirements are met to provide customer satisfaction and ensure business sustainability.”
The LCGB trade union then stated that the record profit level could not have been achieved without staff constantly being stretched “to the legal limit”.
“For ground staff and pilots, the record profit [has] created a permanent high level of workload and fatigue….
“the causal problems must be remedied immediately and in a sustainable way.”
The labour union, referring to contract talks that need to be concluded this year, also said:
“The LCGB is ready to tackle all these problems with the management in order to find solutions in the interest of the employees and to start constructive negotiations when it comes to the renewal of the collective agreement.
“In view of Cargolux's record profit, the LCGB is confident that management will be ready to begin negotiations with the same level of enthusiasm as the announcement of the record profit achieved through the commitment of all the company’s employees.”