IAG Cargo charter ops bump up Q3 revenues
30 / 10 / 2020
By Rachelle Harry
IAG Cargo's Acentis building at London-Heathrow
In its latest financial figures, IAG Cargo has revealed that it made use of its scheduled capacity and “bespoke” charter operations to achieve an increase in revenues in the third quarter of this year.
The company reported a 14.1% year-on-year increase in revenues, to €302m, for the period of July to September.
In addition, the carrier’s yield’s in the third quarter increased by 113.4% year on year, “reflecting the extra costs of a flying programme that continues to retain a substantial cargo-only schedule”.
Meanwhile, as a result of the effects of the capacity crunch when passenger services were cut back, IAG’s sold tonnes declined by 42% in the third quarter.
Lynne Embleton, chief executive at IAG Cargo, commented: “The stark impact of Covid-19 on aviation continued throughout the third quarter. The overall market was weaker than pre-pandemic levels, but the continued squeeze on available air cargo capacity across the global market was the key dynamic in the quarter as carriers continued to ground aircraft.
“The IAG Cargo team have been absolutely focused on creating solutions for customers so they can continue to move goods around the world. Third quarter saw a significant ramp up in our network, with routes and frequencies added across the Atlantic, to Africa, Asia and the Middle East. By the end of the third quarter, we were operating more than 3,000 cargo flights per week and we will further develop our network into the fourth quarter. This scheduled capacity continues to be supplemented by bespoke charter operations.”
She added: “Whilst the demand for dedicated charters peaked in the second quarter — coinciding with the urgent movement of PPE — customers have continued to make use of our charter offering over the last three months.”