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Cargolux records loss in 2012

By control on April 24, 2013

Cargolux announced Wednesday that it recorded an overall loss in 2012.

Cargolux recorded an overall loss of US$35.1 million on revenues of US$1,738.9 million despite an improvement in late 2012. But this loss is lower than the US$57.0 million loss budgeted by the airline.

The steep decline in the air cargo market at the end of 2011 continued into 2012 not only for Cargolux, but also for the industry as a whole, the airline reported. There was significant pressure on yields and load factors for all freight operators.

“Considering the state of the industry and the economic difficulties worldwide, Cargolux fared better than anticipated in 2012,” Paul Helminger, chairman of the board of directors, said. “That gives me hope for the current year.”

In 2012, Cargolux carried 645,759 tonnes of cargo on its worldwide network. The airline operated 11 747-400F and six 747-8F at the end of December 2012. Four Boeing 747-8 freighters joined the fleet during the year and additional deliveries are expected in 2013.

In total, Cargolux will receive 13 of those freighters.

Cargolux has also implemented a new business plan to ensure the airline returns to profitability in 2014.

“Market conditions in 2012 were very difficult, and I do not believe 2013 to be significantly less challenging,” Richard Forson, interim president and CEO, said. “I am confident though in the strength of the Cargolux organization and in our ability to enhance our productivity and flexibility.”