Atlas Air Worldwide profit up 22pc, despite 34 revenue fall

ATLAS Air Worldwide net profit increased 22 per cent to US$77.8 million drawn on revenues of $1.06 billion, down 34 per cent year on year.
Despite the revenue contraction, higher profits were attributed to benefits reaped by having Polar Air become a DHL carrier as well as effective fleet cost cutting, the company said.
Despite a weak cargo market Atlas Air Worldwide president and CEO William Flynn said its repositioning in the fourth quarter made it ideally placed to capture a robust rise in charter commercial market in the Asia-Pacific region, reported Maryland-based Air Transport World Daily News.
"Low inventory levels and stronger-than-expected holiday demand during the quarter generated yields in our commercial charter segment not seen since ports on the US west coast were shut down in the second half of 2002," said Mr Flynn who is predicting profit of $80 million for full-year 2010 assuming "a modest pace of economic recovery."