Atlas Air Worldwide Holdings, parent of Atlas Air and Polar Air Cargo, posted a profit in its first year after emerging from bankruptcy. Company officials expressed confidence in the group’s future.
The holding company produced a $73.9 million profit on revenues of $1.62 billion in its 2005 fiscal year. It emerged from bankruptcy in July 2004, but on a pro forma basis, operating expenses in 2005 were $1.42 billion vs. $1.37 billion in 2004. Operating profit quadrupled from $44.3 million in 2004 to $193.3 million in 2005.
Air Transport World reported the company’s goals for 2006 include an increased presence for its Scheduled Service in China where it has already added weekly frequencies (going from nine to 12).