Cargolux net profits showed a big gain in 2018 over 2017. Pictured: A Cargolux 747-8F jet. Photo provided by Cargolux.
Cargolux has recorded net profits for 2018 that are roughly 70% higher than the previous year.
The Findel-based cargo airline posted “consolidated net profit after tax for 2018” of $211.2m, compared to $122.3m in 2017, the company said on 24 April 2019.
The financial results marked a noticeable uplift. Net profits were $5.5m in 2016, $43.9m in 2015, $2.8m in 2014 and $8.3m in 2013. The company posted net losses in 2012 and 2011.
According to the Cargolux media release issued on Wednesday:
“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, Cargolux managed to improve on its performance compared to the previous year.”
Block hours, an industry standard measurement of aircraft utilisation, increased 3% to 138,179.
Cargolux said it provides scheduled cargo flights to more than 75 destinations, using a fleet of 30 Boeing 747 freighters, and employs “over 2,000 staff worldwide”.