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LUXEMBOURG: Cargolux has reported a net profit of US$3 million for 2014 on revenues of US$2.1 billion, despite a US$40 million impairment on its 747-400 fleet and provision for various pending legal actions.

"Against prevailing economic difficulties, low yields and severe competition, I am proud to say that Cargolux has achieved a solid result in 2014," declared Dirk Reich, Cargolux's president & CEO. "During the last quarter especially, we registered record tonnages and revenues and flew an unprecedented number of block hours. We have grown our market share in all areas and achieved a net profit; a strong signal that our strategy bears fruit and we are on the right track."

CV luxembourgFollowing a capital injection of US$175 million and a change of ownership that saw the Henan Civil Aviation and Investment Co. purchase 35 percent of the airline, last year Cargolux embarked on developing Zhengzhou as a major cargo destination. In five months the carrier had flown 10,000 tonnes to and from its new China hub and by the end of 2014 the total had risen to more than 15,000 tonnes via a five times a week schedule. (picture courtesy Anouk Antony)

The company's 22 747 freighters carried 828,658 tons of freight last year, a 9.9 percent increase year-on-year. FTKs grew 11.2 percent to 6.4 million and the load factor averaged just under 70 percent. The airline says it finished 2014 with a global market share of 3.7 percent.

"Cargolux has done its homework and will continue to do so to remain sustainable," Reich noted.

In a related action to the Cargolux provision, EVA Airways Corporation has agreed a US$99 million partial settlement in the long-running Air Cargo Shipping Services Antitrust Litigation court case bringing total settlements to date to over US$1 billion.

"This development brings us one step closer to our final goal of compensating all victims of this global conspiracy," said Hollis Salzman, co-lead counsel for the plaintiffs and partner and co-chair of the Antitrust and Trade Regulation Group at Robins Kaplan LLP. "We are very pleased with this settlement," she added.

Of the settlements to date, more than $485.5 million has received final approval by the court.

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