Qatar Airways confirms plan to buy Cargolux stake

Deal will give it 33% stake in dedicated cargo airline.
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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.

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