AIR Transport Services Group's
(ATSG's) first quarter net earnings rose 59 per cent to US$15.9 million
riven by demand at its Cargo Aircraft Management (CAM) business and
lower federal taxes.
Revenues for the period fell by 14.6 per
cent year on year to $203 million, although this reflected the adoption
of a new revenue standard and $54.4 million in reimbursable expenses
last year. With these stripped out, ATSG's revenues would have improved
by 11 per cent, reported London's Air Cargo News.
ATSG president Joe Hete said: "Continued earnings improvement from our
airline businesses and the reduction in the federal tax rate drove a
more than doubling of our first quarter adjusted earnings from
continuing operations compared to last year.
"The outstanding efforts of our employees, and strong customer demand
for our growing portfolio of freighter aircraft, point to further
success during 2018."
Its CAM business saw profits improve due to the increase in leased
freighters in service - CAM was leasing 52 cargo aircraft to external
customers as of March 31, nine more than a year earlier. The company
expects to deliver ten Boeing 767-300 freighters to customers this year,
one more than last year.
http://www.shippingazette.com/menu.asp?encode=eng
|
Back:
Next:
