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Hong Kong Air Cargo leases Atlas

PURCHASE, NY: August 02, 2017. Atlas Air Worldwide Holdings (AAWH) has leased three B747-400 freighters under an ACMI contract beginning in September 2017 to Hong Kong Air Cargo, a subsidiary of Hong Kong Airlines.

The aircraft will operate on routes between Asia and the U.S. and augment the airline's fleet of five A330-200F.

A330F Hong Kong AirlinesGuo Song Zhong, chairman and CEO of Hong Kong Air Cargo said: "After strengthening our regional network in recent years, it is now time to expand our Trans-Pacific network and look into other markets such as Europe, Australia, Africa and Latin America as we move forward."

AAWH has reported a net profit of US$38.9 million on revenue of US$517.36 million for Q2 2017 ending June 30. Figures for the first six months of the year were US$38.18 million and US$992.7 million respectively.

"Earnings growth in the second quarter reflected a 17 percent increase in revenue, 15 percent increase in block hours, and higher direct contribution in all of our segments," said president and CEO William Flynn.

"During the quarter, we started flying for Cathay Pacific and Yangtze River Airlines and added four 767-300 freighters for Amazon, including our fifth and sixth aircraft in June."

Flynn said more than 70 percent of the AAWH freighter fleet operates for customers in the express and eCommerce market.

"We believe the current demand, including our new services for Asiana Cargo, Cathay Pacific Cargo, FedEx, Hong Kong Air Cargo, Nippon Cargo Airlines and Yangtze River Airlines, the initial accretion from our Amazon operations, and the first full year of contribution from Southern Air, provide a strong foundation for earnings growth," he continued.

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