Cargolux took an overall loss of $35.1 million on revenues of $1.74 billion last year, showing a significant improvement over the $57 million loss the carrier budgeted for 2012.
Cargo activity finished the year at 645,759 tons.
The worldwide trend away from air cargo was the main culprit for the carrier’s loss, but officials noted they have seen tonnage improvement so far in 2013. Actually, the carrier’s Paul Helminger said beating the projected 2012 loss isn’t too bad when the entire global market is taken into account.
“Considering the state of the industry and the economic difficulties worldwide, Cargolux fared better than anticipated in 2012, that gives me hope for the current year,” he said in a statement.
Officials were quick to point out, however, that 2013 won’t be any less challenging than last year. The carrier has, however, implemented a strategy that aims to return Cargolux to profitability by 2014.
Last month, Cargolux added twice-weekly Boeing 747-8 freighter service to Dallas. The carrier has also been expanding worldwide, recently adding services to Tripoli, Hanoi and Ouagadougou, Burkina Faso, in the last two months. - Jon Ross