Cargolux profit warning; delivery delay
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Cargolux profit warning; delivery delay
By Stuart Todd
LUXEMBOURG, Oct 22 (Reuters) - Cargolux International Airlines<CLUX.UL> is set to make an operating profit of around $10 million in 2001, considerably less than the previous year´s $36.2 million, a senior company executive said.
"We are now looking at an operating profit down significantly on the 2000 forecast and one in the region of the US$10 million we posted in 1999, maybe a little better than that," David Arendt, Cargolux´s senior vice- president, Finance and Administration, told Reuters in an interview.
Cargolux´s initial budget for 2001 was for operating profit to exceed the US$36.2 million posted in 2000.
"September was a profitable month for us, the first for several months and this really illustrates the story of the year," Ardent said
The first quarter of the year had been very strong but the market had fallen-off in April producing poor second and third quarters, Arendt said.
However, the traditionally "peak season" fourth quarter had begun strongly, he added.
"We are getting very high load factors and yields are recovering. There´s every chance the final quarter will produce a decent profit ."
"When you consider that global market conditions in the air cargo industry have been mediocre for most of the year and a number of carriers are bracing themselves for of losses, this is no mean achievement on Cargolux´s part," he said.
OUTLOOK BLEAK
The outlook for 2002 as a whole was bleak and for this reason Cargolux had made a request to Boeing Co<BA.N> for a delay of several months in the delivery of what would be its 12th B747-400F originally scheduled to join the fleet in September next year.
"We have to say that Boeing´s response was not that enthusiastic but we still have the impression the door is not completely closed on postponing the delivery," Arendt said.
LUXEMBOURG, Oct 22 (Reuters) - Cargolux International Airlines<CLUX.UL> is set to make an operating profit of around $10 million in 2001, considerably less than the previous year´s $36.2 million, a senior company executive said.
"We are now looking at an operating profit down significantly on the 2000 forecast and one in the region of the US$10 million we posted in 1999, maybe a little better than that," David Arendt, Cargolux´s senior vice- president, Finance and Administration, told Reuters in an interview.
Cargolux´s initial budget for 2001 was for operating profit to exceed the US$36.2 million posted in 2000.
"September was a profitable month for us, the first for several months and this really illustrates the story of the year," Ardent said
The first quarter of the year had been very strong but the market had fallen-off in April producing poor second and third quarters, Arendt said.
However, the traditionally "peak season" fourth quarter had begun strongly, he added.
"We are getting very high load factors and yields are recovering. There´s every chance the final quarter will produce a decent profit ."
"When you consider that global market conditions in the air cargo industry have been mediocre for most of the year and a number of carriers are bracing themselves for of losses, this is no mean achievement on Cargolux´s part," he said.
OUTLOOK BLEAK
The outlook for 2002 as a whole was bleak and for this reason Cargolux had made a request to Boeing Co<BA.N> for a delay of several months in the delivery of what would be its 12th B747-400F originally scheduled to join the fleet in September next year.
"We have to say that Boeing´s response was not that enthusiastic but we still have the impression the door is not completely closed on postponing the delivery," Arendt said.
