British Airways World Cargo has reported 30.9 per cent drop in commercial revenue to £250.6 million for the first half.
Volumes of 2,240 million cargo tonne kilometres were down 8.1 per cent versus the same period last year, driven by an 11.5 per cent decrease in the first quarter followed by a more stable 4.9 per cent decrease in the second quarter. Cargo capacity for the same six-month period was down 6.5 per cent.
Overall yield (commercial revenue per CTK) decreased by 24.8 per cent versus last year, driven by lower fuel surcharges, market yield decline and favourable exchange. The yield decline, excluding exchange benefit, was 37.2 per cent.
Steve Gunning, managing director of BA World Cargo, said: “While it has been a difficult six months, we are encouraged that we continue to outperform the market, and in the last quarter we have seen signs that the market is beginning to improve. We have taken aggressive steps to reduce costs and this has included reducing capacity. Looking ahead, we’re focused on continuing to drive yields back up to sustainable levels and delivering consistent customer service.”