IAG Cargo posts quarterly revenue up 50pc to US$425.7 million
IAG Cargo, the air freight arm of International Airlines Group (IAG), posted a first quarter year-on-year revenue increase to EUR350 million (US$425
10 May 2021 - 19:00
Overall yield for the quarter was also up 106 per cent at constant currency versus last year, while sold tonnes were down 20.9 per cent.
Following the continued reduction in passenger bellyhold air freight supply due to Covid, IAG Cargo reported another strong quarter. Working with the group's airlines, IAG Cargo continued to support customers with charter services and a scheduled cargo-only programme.
Charter services supported the automotive and manufacturing sectors as supply chain disruption and increased demand resulted in a need for air freight capacity. Charters also proved to be a popular solution for ecommerce customers as consumers continue to favour online shopping.
In March IAG Cargo's Critical Service, a premium product for urgent and emergency shipments, experienced its strongest month with its highest ever booking volumes as demand increased for high priority shipments.
There was real variety in these critical shipments with movements including ophthalmic instruments, aircraft parts and a generator from Sweden to Jamaica following multiple power outages on the island.
The business also focused on providing additional capacity on priority routes for customers adding wide-body aircraft to short haul European routes that feed into its main hubs; London-Heathrow, Madrid-Barajas and Dublin Airport.
Said IAG Cargo chief financial officer Elizabeth Haun: 'We have made a strong start to 2021, building on the success of 2020. It was a quarter that saw us further diversify our revenue base with more routes, a broader product mix and charters taking us to more new destinations.'
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