Atlas Air and Polar Air Cargo parent Atlas Air Worldwide Holdings reported a first-quarter net loss of US$5.3 million, in contrast to a profit of $6.2 million a year earlier. Th e carrier said the lowered performance was the result of high fuel costs, something that will be ameliorated when Polar¡¯s blocked-space agreement with DHL begins later this year.

First-quarter revenue increased 5 per cent to $373 million while expenses rose 11.2 per cent to $375.6 million, producing an operating loss of $2.6 million, compared with a $17.5 million operating profit a year earlier.