Cargolux reports loss in 2011, expects 2012 to be more challenging

Cargolux revenue up 8% - financial highlights for 12 months ended 31-Dec-2011:

• Revenue: USD1867 million, +8.4% year-on-year;
• Net profit (loss): (USD18.3 million), compared to a profit of USD59.8 million in p-c-p;
• Cargo volume: 658,800 tonnes, -3.6%;
• Cargo traffic (FTKs): -4.6%;
• Average load factor: 70.8%, -2.5 ppts. [more - Original PR]

Cargolux: "It is difficult to pinpoint one reason specifically, as a combination of factors impacted our performance negatively, including excess capacity in the markets, steadily rising oil prices, an unfavorable fleet mix coupled with higher wet leasing costs and reduced network flexibility resulting from the delays in the Boeing 747-8 program. Looking to 2012, we expect trading conditions to remain more than challenging," Albert Wildgen Chairman. Source: Cargolux, 28-Mar-2012.