Cargolux Airlines posts a strong set of results in 2017

posted on 25th April 2018 by Justin Burns
Cargolux Airlines freighter

Cargolux Airlines freighter

Cargolux Airlines says 2017 proved to be an “exceptional year” and net profit after taxes reached $122.3 million ($ 5.5 million in 2016) whilst FTKs increased by 12.3 per cent.

The freighter carrier’s load factor increased to 70.1 per cent for the year and for the first time in its history the Cargolux Group exceeded one million chargeable tonnes flown.

Worldwide market share grew to reach four per cent and it ranks as the 6th largest airline in respect of international scheduled freight operations.

Cargolux says market demand remained high throughout 2017 resulting in the airline generating a record 131,212 block hours, a seven per cent increase compared to the previous year.

Cargolux president and chief executive officer, Richard Forson said: “The outstanding results for 2017 are a reflection of Cargolux’ employees’ dedication, passion and commitment to make this year a successful one on all fronts.

“Our employees are at the heart of Cargolux’ success and continually endeavor to ensure all requirements are met to provide customer satisfaction and ensure business sustainability. At the same time, I would also like to thank all of our loyal customers for their support.”

In 2017, Cargolux launched its 2025 Strategy which is focused on ensuring the airline remains a sustainable, relevant and competitive provider of quality services to our customers.

This includes a comprehensive review of all our business processes, technological developments and innovation, to make it easier to transact with our customers, new product development and focusing on the well-being of our employees.

Cargolux continued to build on its strong commercial relationship with China, especially at its Zhengzhou hub. Cargolux carried in excess of 250,000 tonnes of freight to and from China, including 147,000 tonnes to and from Zhengzhou and established itself as the largest cargo carrier in this hub.

The airline operates between 19 and 25 weekly flights to mainland China depending on season. During a State visit by Prime Minister Xavier Bettel in June 2017, several key MoUs and agreements were signed between both governments to extend commercial exchanges between the countries.

In 2017, Cargolux and Emirates SkyCargo also entered into a groundbreaking agreement, the first of its kind between a mainstream airline and an all-cargo carrier and a number of agreements were signed, including capacity swaps on each other’s aircraft to certain destinations.

Last year, two additional destinations were added in Africa; Douala in Cameroon and Lubumbashi in the Democratic Republic of the Congo and July 2017, the airline also offers four weekly connections between Europe and Quito, Ecuador, in addition to flights to Curitiba, Viracopos and Mexico.

Cargolux is a signatory of the United Nations Global Compact and remains committed to applying these principles in its operations. In 2017, the airline reduced its carbon footprint by 2.2 per cent, well above IATA’s goal of 1.5 per cent per year until 2020.