Air cargo transportation services and aircraft leasing company Air Transport Services Group recently reported profit in the third quarter was $11.4 million, increasing $16.2 million from last year’s net loss of $4.8 million.
Profit in the first nine months of 2012 was $28.9 million, jumping from $10.3 million in 2011.
Quarterly revenue was $153.8 million, down from last year’s $195.5 million. Year-to-date revenue was $452.9 million, falling from $563.7 million in 2011.
Revenue from airline services was $102.9 million in the third quarter and $300.5 million from January to September. Revenue from airline services in 2011 was $118.9 million in the third quarter and $336.4 million from January to September.
The company will continue to pursue further deployment of freighter aircraft and the reorganization of two airlines, which is expected to result in significant savings in 2013, said Joe Hete, president and CEO.