Atlas profits drops over 50

ATLAS Air Worldwide Holdings, parent of Atlas Air and Polar Air Cargo, suffered a 51.9 per cent profit drop in 2008. Net income was down to US$63.7 million from $132.4 million profit in 2007. While revenue rose 12.9 per cent to $1.61 billion operating costs rose 14.1 per cent to $1.62 billion a loss of $8.5 milljon compared to a profit of $154.8 million in 2007.

President and chief executive officer William Flynn said that high fuel prices in the first half of the year and the sudden downturn in airfreight demand coinciding with the “global recession” were to blame.

The results were not as bad as they could have been, thanks largely to DHL buying a 49 per cent stake in Polar Air Cargo, which became a DHL carrier in October, for $153.6 million.

In addition, Atlas cut capacity for 2009 by retiring seven of its 14 747-200s.

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