IAG Cargo has announced mixed results in its third quarter, with revenue down 7
IAG Cargo has announced mixed results in its third quarter, with revenue down 7.9 per cent to US$363.59 million, reports London's Air Cargo News. However, its year-to-date revenue (January to September) was up 3.6 per cent compared to the January to September figure for 2021.
Compared with the same period of 2019, cargo revenue over the first three quarters of the year was up by $381.14 million, or 47.4 per cent.
IAG Cargo flew 951 million cargo tonne-km in the third quarter of this year, down 3.7 per cent in the same three months of 2021.
The volume of cargo flown totalled 132,000 tonnes, down 1.5 per cent year on year.
Available capacity across the IAG Cargo network was up 35.9 per cent year-on-year, as measured in available tone-km.
Capacity in the sector linking London Heathrow, Madrid, and the US doubled in capacity compared to the third quarter of last year.
The yield was down 4.3 per cent year-on-year in the third quarter, but up 1.8 per cent over the first three quarters of this year compared to 2021.
Meanwhile, IAG Cargo's perishables shipment product, Constant Fresh, achieved a solid performance, with flown volumes rising 114 per cent year on year.
'All our airlines were significantly profitable. As we build back our operational resilience, we are confident in our strengths as a group: first, a portfolio of leading airline brands; second, leading positions in our key markets and hubs; and third, the flexibility afforded by IAG to drive operational efficiency and innovation,' said IAG chief executive Luis Gallego.
'These will enable us to return to pre-Covid levels of profit and generate long-term value for all our stakeholders,' said Mr Gallego.
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