Air, Business, Freight News

IAG Cargo reports strong Q1 revenues

[ May 12, 2021   //   ]

IAG Cargo, the cargo arm of International Airlines Group (IAG) reports its Q1 financial results with cargo markets still impacted by the pandemic.
Revenues of €350 million were achieved from January 1 to 31 March 2021; an increase of 50% at constant currency versus the same period last year. Overall yield for the quarter was also up 106% at constant currency versus last year, while sold tonnes were down 20.9%.
Following the continued reduction in passenger bellyhold air freight supply due to COVID-19, 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 program. Charter services supported the automotive and manufacturing sectors as supply chain disruption and increased demand resulted in a need for airfreight capacity. Charters also proved to be a popular solution for e-commerce customers as consumers continue to favor 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.