Qatar Airways confirms plan to buy Cargolux stake
Qatar Airways will buy a 33% stake in Cargolux, the Luxembourg-based cargo airline, according to comments made by its CEO.
Akbar Al Baker told reporters in Dubai that he expects to sign a deal with Cargolux within weeks. No price was mentioned.
“Yes we are, 33%,” said Al Baker. “We are to sign an agreement with them, in the next few weeks.
“We see there are synergies. Qatar Airways would like to expand and I always said we would only be interested if they are healthy and well-established.”
After a difficult 2009 amidst the global economic downturn, Cargolux did much better in 2010.
For the calendar year, revenue increased 29.3% to US $1.748 billion
Net profit for the year was US $59.8 million, compared with a loss of US $153.3 million in 2009.