IAG Cargo has reported commercial revenue (flown revenue plus fuel surcharges) of '288 million, up against '287 million in the same period last year. For the year to date, from January 1 to September 30, IAG Cargo reported commercial revenue of '880 million, an increase of 10.6 per cent on the same period in 2010. Volumes of 1,494 million cargo tonne kilometres (CTKs) for the quarter represent an increase of 1.2 per cent versus the same period last year. For the nine months from January 1, the figure is 4,560 million CTKs, an increase of 5.3 per cent on the same period in 2010. Cargo capacity for the quarter was up 3.3 per cent and 6.2 per cent for the year to date.
Overall yield (commercial revenue per CTK) decreased by 0.8 per cent versus the same period last year but excluding exchange is up 6.4 per cent, driven by positive premium product volumes and increases in fuel surcharges, partially offset by market price pressure. For the year to date, overall yield increased by 4.9 per cent and, excluding exchange, by 7.8 per cent.
Steve Gunning, managing director of IAG Cargo comments: 'Against a backdrop of robust results for the first half of 2011, the results for the third quarter reflect the challenging conditions facing the world economy. The contraction in demand for Asian exports, a result of the European debt crisis and the sluggish US economy, has meant only a modest growth in revenue compared to the same period in 2010.
'Because of this, we are cautious about future performance, although we believe our geographically diverse revenue base and measured capacity reintroduction leave us well positioned. IAG Cargo, through British Airways World Cargo, has now begun to take delivery of our 747-8 freighters which will help bolster existing resilient trade lanes and grow new dedicated freighter routes for our customers globally ' offering increased flexibility and continued quality service.'
