Atlas Air operating profit grows in Q1

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Washington DC
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Atlas Air has reported a 25% growth in operating income to $20.6 million in its first quarter.

Operating revenue rose 21% to $359 million, while operating expenses grew 20% to $339 million.

The carrier's net income rose 22% to $12.8 million.

Atlas Air says it expects strong earnings growth in 2012, with its new Boeing 747-8Fs driving growth. Three 747-8Fs entered service in the fourth quarter of 2011 under a long-term contract with British Airways.

Two additional aircraft are expected to be delivered by the end of the summer and are under a long-term contract with Panalpina.

"Two other -8F aircraft are expected to be placed into ACMI service upon delivery from Boeing in the fourth quarter of 2012," says Atlas Air.