IAG Cargo Q3 revenue at €263 million

IAG Cargo, the cargo division of International Airlines Group (IAG), reported a 29 percent decline in revenue at €263 million for the third quarter ended September 30, 2023 compared to €373 million in Q32022.

The Q3 results take IAG Cargo’s year-to-date revenue to €866 million, down 29 percent compared to 2022, says an official release.

In Q3, the business continued to offer increased services across its network with capacity between London-Heathrow, Madrid and the U.S. more than doubling in the quarter (compared to Q3 2021), the release added.

"Overall, the business saw capacity increase by 35.9 percent on Q32021 as measured in available tonne kilometres (ATKs). IAG Cargo’s product for perishables, Constant Fresh, saw volumes up 114 percent on Q32021. The extra lift out of the U.S. has provided an important lifeline to U.S. growers transporting their goods across the Atlantic with a notable increase of those goods landing in the Middle East where flights have doubled from IAG Cargo’s London Heathrow hub since Q32021."

IAG Cargo's small and medium (SME) freight forwarders loyalty programme FORWARD.REWARDS saw YTD transactions increase 20 percent on the same period in 2021, the release added.