AIR Canada witnessed a drop in cargo revenue, experiencing a 27 per cent decline to US$685
AIR Canada witnessed a drop in cargo revenue, experiencing a 27 per cent decline to US$685.33 million in 2023 from $960 billion in 2022, reports Mumbai's Stat Trade Times. This decrease stemmed from reduced volume and yield across all markets and the reintroduction of temporarily converted passenger aircraft to passenger operations until the second quarter of 2022, according to management discussion notes following the results announcement.
However, the company noted that the decline was partially offset by increased freighter operations to Central and South America and Europe.
Revenue from the Atlantic and Pacific regions also declined, totaling $320 million (compared to $412 million in 2022) and $164 million (down from $303 million in 2022).
In the fourth quarter of 2023, cargo revenue dropped 15 per cent to $180 million from $213 million in Q4 2022.
Air Canada Cargo initiated freighter services in 2022 and continued expansions in 2023, serving over a dozen destinations including Toronto, Halifax, St John's, Miami, Atlanta, Dallas, Quito, Lima, San Juan, Mexico City, Guadalajara, Bogota, Madrid, Frankfurt, Basel and Liege.
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