IAG CARGO has posted an 11.8 per cent decline
Source:transportweekly 2014-3-5 9:44:00
IAG CARGO has posted an 11.8 per cent decline in 2013 revenue to EUR1 billion (US$1.3 billion) year on year, the company has announced. Annual volumes of 5,653 million tonne kilometres (CTKs) for the year represented a decrease of seven cent over 2012 while overall yield (commercial revenue per CTK) decreased 5.2 per cent versus 2012. "Exchange rate fluctuations, notably the strengthening of the euro against other currencies, continue to have a significant impact on IAG Cargo revenues and yield," said the release. Said CEO Steve Gunning: "Market conditions remain challenging due to the global expansion in air cargo capacity and weak demand. We continue to focus on improving operational performance, delivering a first-rate customer service and controlling costs." In this way, Mr Gunning said the company "ensures yields cover our marginal costs. These costs include the fuel burn associated with the cargo in the bellyholds of our aircraft." IAG Cargo is the single business created following the merger of British Airways World Cargo and Iberia Cargo in April 2011, according to Shipping Gazette.