IAG Cargo, the cargo arm of International Airlines Group (IAG) has reported its first-quarter financial results with cargo markets still impacted by the pandemic.
Revenues of €350 million were achieved from January 1 to March 31, 2021 an increase of 50% at constant currency versus the same period last year. Overall yield for the quarter was also up 106% at constant currency versus last year, while sold tons were down 20.9%.
Following the continued reduction in passenger belly-hold air freight supply due to COVID-19, IAG Cargo reported another strong quarter. Working with the Group’s airlines, IAG Cargo continued to support customers with charter services and a scheduled cargo-only program. Charter services supported the automotive and manufacturing sectors as supply chain disruption and increased demand resulted in a need for airfreight capacity. Charters also proved to be a popular solution for e-commerce customers as consumers continue to favor online shopping.
In March IAG Cargo’s ‘Critical’ service, a premium product for urgent and emergency shipments, experienced its strongest month with its highest-ever booking volumes as demand increased for high-priority shipments. There was real variety in these critical shipments with movements including ophthalmic instruments, aircraft parts, and a generator from Sweden to Jamaica following multiple power outages on the island.
The business also focused on providing additional capacity on priority routes for customers, adding wide-body aircraft to short-haul European routes that feed into its main hubs; London-Heathrow, Madrid-Barajas and Dublin Airport. (€1.00 = US$1.20 at time of publication.)