Atlas Air Worldwide Holdings Inc (AAWW) a leading provider of global air cargo assets and services, has announced a record doubling of profits in 2007, reflecting improvements in aircraft utilization and increased demand.
For the year ending December 31, AAWW posted a net income of US$132.4 million, more than double 2006 on revenues of $1.56 billion. Operating income of $154.8 million and pretax income of $132.7 million included a nonrecurring gain of $3.5 million on the sale of surplus aircraft and engines.
For the quarter ending December 31, AAWW reported net profit of $50.7 million on revenue of $442.8 million. Operating income of $70.7 million and pretax income of $66.7 million included that nonrecurring gain of $2.5 million on the sale of surplus engines.
This gain more than offset the negative impact of record fuel prices on the scheduled service segment in the second half of the year, said a company statement, adding that 2007 results also reflected significant reductions in AAWW's net interest expense and effective income tax rate.
Atlas CEO William Flynn said 2007 said it had been a "very strong year for Atlas Air Worldwide Holdings, and our future is bright. We have a solid financial platform and are implementing strategies that deliver improved revenue and growth while mitigating commercial and operational risk.
"In the face of current economic uncertainty, we expect to increase pretax earnings in 2008 and grow them dramatically in 2009. We look forward to additional earnings growth with the introduction of our 747-8 freighters in 2010 and 2011," Mr Flynn said.
"In line with our plan to grow earnings, we are pleased to announce today an expansion of our relationship with DHL Express that will enable us to place two 747-400Fs in service with them on an ACMI basis for a three-year term beginning March 29. This service will be incremental to the six 747-400Fs that will provide express network ACMI service to DHL starting on October 27," said Mr Flynn.
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