PURCHASE, N.Y.: ACMI operator Atlas Air Worldwide Holdings has reported an adjusted net income of US$11.3 million for the first three months of 2014, up from US$5.9 million for the same period last year.

The company said the result included a net US$3.4 million relating to its U.K. affiliate Global Supply Systems that until recently supplied B747-8 freighters to British Airways.

Operating revenue was US$403.3 million, up from US$377.3 million in the same quarter last year. The company increased its total asset value from US$3.7 billion to US$4.1 billion in the period, while total liabilities rose from US$1.97 billion to US$2.34 billion.

William Flynn, Atlas president and CEO, said 2014 was “off to a good start” as the company announced it is to provide DHL with two B747-8 freighters operated by Atlas in the Polar Air Cargo transpacific express network. The aircraft replace the current provision of two B747-400 units. “We are delighted to deepen our long-standing relationship with DHL and to support the strong growth of its transpacific network operations,” Flynn added.

The new service means Atlas will operate a total of four B747-8Fs and five B747-400Fs in ACMI service and seven B767 freighters in CMI service for DHL.

Flynn said the company has developed several new strategic customer relationships in the past 12 months: “In ACMI, these include Astral Aviation, BST Logistics and Chapman Freeborn. We've also expanded with Etihad Airways, introduced new 767 cargo CMI service for DHL Express, and added VIP 767 passenger CMI service for MLW Air. And in Dry Leasing, we now provide 777Fs to Aerologic, Emirates Airlines and TNT Transport International.”

The company acknowledged that while airfreight volumes are improving as airfreight demand shows signs of growth for the first time in three years, yields will continue to lag and full-year results are likely to echo 2013.