Atlas Air Worldwide, owner of air freight lessor Atlas Air and 51% owner of Polar Air Cargo, has announced a 181% year-on-year increase in net earnings for the third quarter of this year.
Its net profit came in at $14.7m for the quarter, compared to $5.2m in the same period in 2008. The impressive growth came despite revenues for the period being $255.5m compared to $460.7m last year.
William Flynn, president and CEO of Atlas, said: "Our strong third-quarter earnings, like our previous quarterly results this year and the results we expect to report for the fourth quarter, reflect our successful efforts to transform our business, our operating cost base and our fleet throughout 2008 and 2009."
"We have seen an ongoing improvement in both supply and demand in global air freight since earlier this year. Older, less-efficient, wide-body freighter aircraft continue to be retired, and recent rate increases announced by major air cargo carriers are a tangible sign of improvement in the market."
"We expect to see improving trends continuing through the fourth quarter and expect our fourth-quarter net earnings to exceed $18m on that basis."
