Cargolux posts profit in 2023
The Cargolux Group generated a positive net result for its 2023 financial year despite a challenging business climate, which shows its agility in changing market conditions, the group said.
Cargolux generated revenues of USD 2,975 million, representing a profit after tax of USD 286 million. This financial result allows the group to further strengthen its balance sheet and remain resilient enough to weather the expected volatility in the industry.
The first half of 2023 saw the cyclical nature of the industry return with levels well below pre-Covid times and significant pressure on rates due to lower demand compounded by increasing amounts of available belly capacity. However, the demand for dedicated freighter capacity saw a welcome surge in Q4/2023 due to rising volumes of e-commerce shipments. (cj)