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Air cargo company Atlas Air Worldwide Holdings said Thursday it lost $5.3 million, or 25 cents a share, in the first quarter, compared with a profit of $6.2 million, or 29 cents, a year ago.

Revenue rose to $373 million, from $355.3 million a year ago, the company said in a statement.

Record fuel prices had a “substantial impact” on its performance, the company said.

Atlas Air Worldwide is the parent company of Atlas Air and the majority shareholder of air cargo firm Polar Air Cargo Worldwide.