IAG Cargo's 2019 volumes drop 2.4pc, pulling down revenue by 7.2pc
IAG Cargo suffered a 7
IAG Cargo suffered a 7.2 per cent year-on-year drop in 2019 revenues that stood at EUR1.12 billion (US$1.24 billion).
The carrier also saw last year's volumes decline by 2.4 per cent on capacity growth of one per cent. Yield declined by 4.9 per cent.
IAG Cargo chief executive, Lynne Embleton pointed out that these financial results reflect the challenging market, reported London's Air Cargo News.
'As IATA has noted, it has been a tough year for the air cargo industry,' Ms Embleton said. 'The decline in our reported revenues for 2019 reflects these challenging macroeconomic and market conditions, whilst the strength of our network and products has shielded us from the worst of the drop in demand.'
Remaining optimistic, she continued: 'Amidst the overall downturn, there are some notable positives. In particular, we have seen strong export growth out of Africa over the course of the year and, more recently, a boost to perishable volumes from Latin America.
'Our Constant Climate product, for the transportation of temperature-sensitive pharmaceutical products, has also remained resilient with strong demand, again, from Latin America in particular.
'Our quest to use innovation to improve how air cargo works has continued apace. In December, we saw the successful trial of autonomous drone technology within our Madrid warehouse. We are now confident that the technology will help to improve the efficiency and reliability of our operations.'