Weak demand in the air cargo market resulted in a 14.1 per cent fall in commercial revenue at IAG Cargo to €256 million for the third quarter.
Volumes of 1,394 million cargo tonne kilometres represent a decrease of 7.7 per cent compared to the third quarter last year. Cargo capacity was down two per cent.
Overall yield (commercial revenue per CTK) for the quarter decreased by 7 per cent versus the same period last year. Excluding the effect of exchange brings this to a 1.9 per cent decrease.
Managing director Steve Gunning said: “Air cargo demand remains weak and our results have been significantly impacted by exchange rate movements. Despite the difficult trading conditions, we have managed broadly to protect our yield thanks, in part, to the strong performance of our premium product range.
“Our focus on premium products and network continues. We recently opened the Constant Climate Centre at Heathrow for handling pharmaceuticals as well as launching a new route to Austin, Texas and expanding services to Hyderabad, which is a major centre for India’s pharmaceutical industry.”