Atlas Air and Polar Air Cargo parentAtlas Air Worldwide Holdingsreported profit of US$59.8 million for2006 – down 19.1 percent from $73.9million earned in the prior year, onan 8.6 percent decrease in revenue to$1.48 billion.
But Atlas reported a 66.2 percentfourth-quarter profit gain to $45.7 millionand projects strong growth goingforward, pointing to 12 747-8 freightersit has on order and a partnership dealwith DHL taking a stake in Polar.
President William Flynn said: "Thestrategic partnership with DHL willsignificantly enhance the value ofour scheduled-service business" andprojected the deal will close "as soonas we obtain the remaining necessaryregulatory approvals.
Flynn said AAWW anticipates it willachieve the majority of the $100 millionof continuous improvement benefits ithas targeted for 2007, with the balancerealised in 2008.
– John Spiers