IAG Cargo revenue slips in Q3
IAG Cargo today announces its Q3 results from 1 July to 31 October 2014, reporting commercial revenue (fl own revenue plus fuel surcharges) of â‚¬236 million versus â‚¬256 million for the same period last year while tonnage fl own dipped 3.5 per cent to 219,000 tonnes from 227,000 tonnes.
November 10, 2014
IAG Cargo today announces its Q3 results from 1 July to 31 October 2014, reporting commercial revenue (flown revenue plus fuel surcharges) of €236 million versus €256 million for the same period last year while tonnage fl own dipped 3.5 per cent to 219,000 tonnes from 227,000 tonnes.
IAG did not release profit or loss figures for its cargo unit. On a likefor- like basis, adjusting the prior year’s figures to reflect a directly comparable freighter operation, commercial revenue increased 7.6 per cent versus last year.
Volumes of 1,331 million cargo tonne kilometres (CTKs) on a like for like basis for the quarter represent an increase of 12 per cent compared to Q3 2013, while capacity increased by 4.1 per cent.
Overall yield (commercial revenue per CTK) for the quarter was down three per cent at constant exchange rates.
Commenting on the results, Steve Gunning, CEO at IAG Cargo said: “Th is is a positive third quarter for the business and we’ve seen good load factor improvements across markets, despite an increase in capacity. The strong performance of our premium products has off set continued underlying price pressure, particularly in the North American market, with Constant Climate, our market leading product for temperature sensitive freight, delivering impressive volumes. While we have seen a decrease in yield, this is primarily due to flying increased sector lengths.