IAG Cargo: Decline in revenues reflects market conditions

IAG Cargo has reported a 7.2% year-on-year decrease in revenues in its full-year results for 2019.

From January 1 to December 31 last year, the carrier listed revenues of €1,117 m.

IAG Cargo also reported a 2.4% decrease in volumes and a 1% increase in capacity. Meanwhile, the company’s yield last year declined by 4.9%.

Lynne Embleton, chief executive at IAG Cargo, noted that the carrier’s results reflect the challenging market.

“As IATA has noted, it has been a tough year for the air cargo industry,” Embleton commented. “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 added: “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.

“As we head in to 2020, we are confident that our strategy of focusing on customer service, technology and the strength of our products will continue to deliver for customers worldwide.”