IAG Cargo reports revenue of €302 million in Q3 of FY20

IAG Cargo has reported commercial revenues of €302 million  over the period from July 1 to September 30, 2020, an increase of  14.1  per cent on the same period in 2019 at constant currency. The carrier has announced its Q3 2020 results. Overall yields for the quarter  were up 113.4 per cent on the same time last year at constant currency, reflecting the extra costs of a flying programme that continues to retain a substantial cargo-only schedule. Lynne Embleton, CEO at IAG Cargo, commented, “The stark impact of COVID-19 on aviation continued throughout Q3. The overall market was weaker than pre-pandemic levels, but the continued squeeze on available air cargo capacity across the global market was the key dynamic in the quarter as carriers continued to ground aircraft.
“The IAG Cargo team have been absolutely focused on creating solutions for customers so they can continue to move goods around the world. Q3 saw a significant ramp up in our network, with routes and frequencies added across the Atlantic, to Africa, Asia and the Middle East. By the end of Q3, we were operating more than 3,000 cargo flights per week and we will further develop our network into Q4.
“This scheduled capacity continues to be supplemented by bespoke charter operations. Whilst the demand for dedicated charters peaked in Q2 – coinciding with the urgent movement of PPE – customers have continued to make use of our charter offering over the last three months.