LUXEMBOURG: April 24, 2019. Cargolux has reported a second successive year of increased profitability. The consolidated net profit after tax for 2018 amounted to US$211.2 million, a significant achievement compared to 2017’s profit of US$122.3 million says the company.
The result was despite a global softening in market demand in the second half of 2018, a shorter peak period compared to 2017, uncertainty regarding potential trade wars, geopolitical unrest and Brexit.
“Cargolux achieved exceptional financial results in 2018 despite slower economic growth in the second half of the year. Strong focus on the management of our capacity and yields, increased demand for specialized shipments, a record year for our charter division and the diversification into offering ACMI solutions all contributed to the performance achieved. Our employees demonstrated once again that hard work, dedication, and expertise are at the heart of our company’s success and sustainability”, said Richard Forson, Cargolux President and CEO.
In 2018, the airline continued its journey of transformation to enhance services while ensuring long-term sustainability and growth. One of the main focuses was to undertake a complete IT overhaul to streamline processes, synergize teams internally, and enhance customer experience. This project aligns with the company’s "lean & green" philosophy and its flexible and adaptable business model.
The fuel efficiency and CO2 reduction procedures continue to yield positive results as the company keeps exploring new avenues to further reduce its carbon footprint. The airline has also adopted IATA’s short- and long-term goals for airlines to reduce CO2 emissions with the aim to eventually achieve carbon-neutral growth. Cargolux currently has 15 different fuel saving programs in place to optimize its operation while reducing the negative environmental impacts.
In 2018 these initiatives, implemented for both Cargolux and its subsidiary Cargolux Italia, saved 6,270 tonnes of fuel and 16,750 tonnes less CO2 emissions.
In an effort to promote environmental awareness and best practices in the air cargo industry, Cargolux has also taken a number of ethical measures. A number of controversial commodities such as lion bone or hunting trophies have been banned from shipment across the company’s network. An advocate for animal welfare, the airline says it reviews each demand for animal transport carefully to ensure ethical practices are upheld throughout the transportation chain.
