Europe’s largest all-cargo airline said it posted $2.259bn in total revenues in 2019, down from $2.634bn in 2018. Net profit dropped from $211m in 2018 to $20m in 2019.

“On the eve of its 50th anniversary, in a challenging climate marked by a global economic slowdown, overcapacity and low yields, Cargolux still managed to outperform the industry average and close the year with a profit,” the company said in its earnings announcement on 29 April.

“The airline continues to pay down debt,” Cargolux stated.

Profitability had improved the two previous years, but net results have been somewhat erratic for more than a decade. Cargolux posted profits of $211.2m in 2018, $122.3m in 2017, $5.5m in 2016, $43.9m in 2015, $2.8m in 2014, $8.3m in 2013, a net loss of -$35.1 in 2012, a net loss of -$18.3m in 2011, a net profit of $59.8m in 2010 and a net loss of -$153.3m in 2009.

On Wednesday, Cargolux pointed to International Air Transport Association figures showing that it was the world’s seventh largest scheduled cargo by freight tonne kilometres.

Cargolux said its headcount in Luxembourg increased from 1,531 in 2018 to 1,630 employees in 2019. Globally, the figure rose from 2,136 to 2,253.

The carrier reported that the number of night flights--take offs and landings occurring between 12 midnight and 6am--at Findel airport dropped by 25% between 2018 and 2019.