IAG Cargo reports 17.3 per cent constant revenue increase in Q2 to €419 million

IAG Cargo had flown over a million Covid-19 vaccine doses globally by 14 January

IAG Cargo has reported second quarter revenue of €419 million, representing a 17.3 per cent increase over the same period of 2020 at constant currency.

Overall yield for the quarter was down 32.1 per cent at constant currency versus last year, which IAG Cargo said reflected the increase in market capacity. Sold tonnes “more than offset” the decline and were up 56.2 per cent.

The second quarter results take IAG Cargo’s half year revenue to €769 million, up 25 per cent on the first half of 2020.

IAG Cargo noted that e-commerce continued to be a major driver of activity in the quarter, with the business moving a diverse range of products from fashion and electronics to sporting equipment. The quarter also saw a “very significant” increase in the movement of Italian wine into the USA – some 95,000 bottles.

In the second quarter, IAG Cargo (with IAG’s passenger business) launched additional joint cargo-passenger flights as some governments eased restrictions. “Activity from Spain to Latin America increased as a result, with additional frequencies to Sao Paolo and Mexico City and a resumption of services into Guayaquil and San Juan,” IAG Cargo said.

IAG Cargo also operated a charter programme on top of its cargo-only schedule. This included flights operated for charity with British Airways, and providing medical equipment and relief into India.

“[The second quarter] was an exciting quarter for IAG Cargo and delivered another set of strong results,” said chief financial officer Elizabeth Haun. “We celebrated our 10-year anniversary in April and in June partnered with Kuehne+Nagel to source 1.2 million litres of sustainable aviation fuel, enough to power 16 flights across the Atlantic.

“IAG Cargo charters and cargo-only flights remained sought after in the quarter, and whilst we welcome the return to passenger flying especially out of Spain, we continue to be impacted by passenger restrictions in the UK and Ireland.”

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