"We had budgeted for losses of around US$60 million last year, but are confident that we will be significantly below this figure,"a spokesperson for the cargo airline told LloydĄ¯s Loading List.com.
Media reports estimated that the losses would be half those forecast -- around $30 million -- largely due to a strong end to the year which saw traffic remain high right up to the last week of 2012.
However the Cargolux spokesperson said the carrier would not be putting a figure on the losses ahead of publication of its annual results later this year.
"We can only say that they have been revised downwards. We did have a strong end to the year, with a good number of charter flights, which contributed to the revenue stream generated by our scheduled services."
Cargolux reported a net loss of $18.3 million in 2011, following a $59.8 million profit the previous year.
Meanwhile, new Cargolux chairman Paul Helminger has announced that a "reasonable and ambitious strategy plan" is expected to be agreed at a board meeting on 5 February.
Cargolux's management committee has been working on the strategy plan for some time and it became a serious point of discord with major shareholder Qatar Airways, which went on to sell its 35% stake to the Luxembourg state at the end of last year.
It bought back the stake for the original sale price of $117.5 million, with the intention of selling it on soon.
Chinese group HNA, owner of Hainan Airlines and cargo carrier Yangtze River Express, which made an unsuccessful attempt to become a shareholder in Cargolux in 2011, losing out to Qatar, is viewed as a possible buyer.
The strategy plan aside, another key decision facing Cargolux's board is the appointment of a permanent President and Chief Executive Officer, Richard Forson currently holds the post on an interim basis. |
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Source: llordloadinglist
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