Atlas profits shoot up 181 per cent

ATLAS Air’s third-quarter profits grew 181 per cent compared to the same period last year. Atlas, the parent of Atlas Air and Polar Air Cargo, has managed to pull its finances around after posting a 51.9 per cent drop in profits in 2008. For the three months ending 30 September, Atlas reported a net income of US$14.7 million and a revenue of $255.5 million. This compares to $5.2 million and $460.7 million respectively for the same quarter last year.That leaves Atlas, for the year to date, with a net income of $49.4 million and a revenue of $740.0 million.“Net earnings in the third quarter were well over two and one-half times the amount that we reported in the third quarter of 2008, despite a still challenging though improving business environment and despite a smaller total fleet size than we had last year,” said Atlas’ president and chief executive officer, William Flynn.“We have seen an ongoing improvement in both supply and demand in global airfreight 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 $18 million on that basis.