ATLAS POSTS ANOTHER RECORD QUARTER
Atlas Air, the Colorado-based wet-lease specialist that flies all-cargo
planes for the world’s airlines, said net income in the third quarter rose
11 percent to $14.1 million.
Third quarter revenue jumped 48 percent to $161.9 million, underlining strong
demand from airlines in Asia and Europe for all-cargo lift during this year’s busy peak
air freight shipping season. Total block hours, or the hours of operation for which Atlas
charged its customers, rose 46 percent to 27,650 hours.
Atlas said a hurricane in Miami, a typhoon in Hong Kong and an
earthquake in Taiwan impacted its operations in the third quarter. Those
negatives were balanced out by new contracts with Cathay Pacific Airways, China Airlines
and Korean Air Lines.
In the first nine months of the year, Atlas’ net income grew 5 percent
to $29.6 million on a 58 percent increase in revenue to $483.3 million.
