IAG Cargo records rise in revenue for Q2 2015
AUG 3, 2015: IAG Cargo announced its Q2 results from April 1 to June 30, 2015, reporting an 8.8 percent increase in commercial revenue to €259 million versus €238 million during the same period in 2014. IAG Cargo’s revenue growth comes during a period of network expansion, with a capacity increase of 2.1 percent. In the second quarter, challenging market conditions placed pressure on yields which decreased 3.0 percent at constant exchange, with volumes also finishing 2.1 percent down on the prior year.
“Over the last three years IAG Cargo has been on a relentless drive to restructure our business and implement an operating model that performs well during market fluctuations. On the back of a strong Q1 and a softer Q2 market, IAG Cargo has delivered a set of results that demonstrates the resilience and adaptability of our business,” said Steve Gunning, CEO of IAG Cargo.
According to Gunning, successes over the quarter include a record growth in its premium product tonnage; the introduction of a simplified freight rate structure for our customers; opening a new route into Kuala Lumpur and bringing two new constant climate stations online. “We have also added 47 flights to our EuroConnector service, providing customers with a greater array of options for shipping goods into, around and out of Europe,” Gunning added.
“Our focus remains on delivering an outstanding product offering that is complemented by shared capacity partnerships that increase the depth and breadth of our network reach. We believe this approach will put us in the best possible position to meet our customer’s needs and therefore compete successfully,” he said.
IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011. In 2014, IAG Cargo had commercial revenue of €992 million. It has a combined workforce of more than 2,400 people covering a global network of over 350 destinations.