Contract cargo airline Air Transport Services Group saw its net profit grow 15.6 percent in 2010 over the year before to $39.9 million despite a steep decline in revenue from lost business with DHL.
The freight airline's revenue fell nearly 19 percent last year, including a
28.7 percent drop in the fourth quarter, to $667.4 million.
But ATSG, which ran flight and hub sorting operations for DHL through its ABX Air unit before DHL withdrew from domestic U.S. service, said profitability increased in its aircraft leasing and flight operations units as the company added customers and new agreements.
Operating profit at the CAM Leasing unit reached $13.3 million in the fourth quarter, more than double the earnings from the last quarter of 2009.
The airline's new outsourced aircraft operations contracts for ABX Air include an agreement with DHL for trans-Atlantic service, ATSG said.
ATSG said it is adding six 767-200 freighters and three larger 767-300 freighters to its all-cargo fleet this year.