IAG Cargo Q1 revenue falls to US$308.9 million, blames weak market
THE International Airlines Group (IAG) Cargo has posted a first quarter year on year revenue decline of EUR275 million (US$308
THE International Airlines Group (IAG) Cargo has posted a first quarter year on year revenue decline of EUR275 million (US$308.9 million), blaming on weak air cargo market worldwide.
Tonnage was up 2.5 per cent, while yield for the quarter was down five per cent at constant exchange. CTK volumes were also up 2.6 per cent and capacity grew .4.8 per cent.
'A weak Asia Pacific market has been partially offset by strong performance from South America and Africa, helping us to steadily grow volumes,' said IAG Cargo chief executive Lynne Embleton.
'Our investment in premium products has continued. In February, we opened our Good Distribution Practice (GDP) certified Madrid Constant Climate Centre and, as a result, have already seen strong flows of pharmaceuticals to the burgeoning Latin American market including significant shipments of MMR and diphtheria vaccines,' she said.
'Meanwhile, at our London Heathrow hub, we have expanded our successful Critical Service Centre to now offer 24/7 round-the-clock support to our Critical customers on their highest priority, must-fly shipments.
'We have expanded the breadth of our network with the addition of our four times weekly services to Osaka, and now provide customers with three gateways into and out of Japan,' Ms Embleton said.
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. Following the integration of additional airlines into the business, including Aer Lingus, Vueling and bmi, IAG Cargo now covers a global network of over 350 destinations.