AIR EXPRESS PROFIT
ROSE 36 PERCENT FOR QUARTER
Air Express International Corp. Thursday reported net income of $3.2 million for the first quarter of 1992, a 36 percent increase over the year- earlier figure.
Gross revenue for the air freight forwarder rose 8 percent, to $155.5 million. Operating earnings for the quarter were $5.7 million, an increase of 15 percent over the year-earlier period.
Guenter Rohrmann, president of AEI, said the company benefitted from stronger-than-expected January traffic, as well as continued gains in exports
from the United States. He said, however, that AEI's U.S. traffic fell 22 percent to 25 percent in the quarter.
HONG KONG REACHES
ACCORD ON AIRPORT
HONG KONG - The Hong Kong government and the Provisional Airport Authority have agreed on a financial plan for building the colony's new airport, the government said in a statement Thursday.
The plan is based on a cost estimate of approximately US$6 billion, at March 1991 prices, to complete the airport's first phase, which is to be opened in 1997.
The airport authority, an independent body set up by the Hong Kong government, will develop and fund projects worth $4.1 billion through government equity and its own borrowings, the statement said.
These projects include building the airport site, passenger terminals and runways, according to the statement.
STARTS UP IN CHICAGO
INGLEWOOD, Calif. - Stevens Air Transport's newest franchise is operating in Chicago.
The new facility is managed by Ronald Somsky and Larry Tincher, both of whom operated Airline Airfreight in Elk Grove, Ill., for 16 years.
Stevens' new Windy City facility has 75,000 square feet of warehouse space and is just three miles from O'Hare International Airport.