During the three months ended 30 June, the company’s operating income slipped by 13 percent to $132.4 million.

Over the course of the first half of 2012, net revenues were down by 3 percent while operating income dropped by 14 percent.

Peter Rose, chairman and CEO, commented: “The same market trends we experienced in our 2012 first quarter ... continued into the second quarter. That said, we saw volume growth in all areas of our business with the exception of air freight, despite navigating in what people are finally acknowledging is a very challenging and uncertain economy.”

Rose noted that air cargo tonnage is down due to shipments getting smaller, reduced air freight demand and “lower levels of customer-specific infrastructure and projects”.

He went on: “While our operating margin (29.2 percent based on net revenue) hovers below the mark we’ve enjoyed the last two years (average of 32 percent), it still remains very healthy from both a competitive and a historical perspective.”