IAG Cargo sees Q2 revenues climb 33.1% as volumes decline 52.1%

Overall yields for the quarter were up 224.7% to the same time last year

IAG Cargo announced its Q2 2020 results, reporting commercial revenues of €369.0 million over the period from April 1 to June 30, 2020, an increase of 33.1% on the same period in 2019 at constant currency.

Overall yields for the quarter were up 224.7% to the same time last year at constant currency, reflecting the extra costs of cargo-only flying and dedicated charters and a significantly changed flying programme. Sold tonnes were down 51.2%.

As passenger aircraft were grounded across the world, the Company’s teams adapted to ensure IAG Cargo continued to play a crucial role in supporting global trade and the movement of essential goods in these extraordinary times.

It rapidly developed one of the most comprehensive networks of scheduled cargo-only flights available; a network of over 340 scheduled flights per week built around customers’ needs and tailored to the most important cargo flows. It reconfigured aircraft to maximise cargo capacity, removing seats and using overhead lockers. These were important capacity solutions, albeit ones that brought additional operational complexity and cost.

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In addition to the scheduled cargo-only services, a newly established charter team has worked closely with commercial entities and governments to develop bespoke capacity solutions. During this second quarter it operated 615 charters, including 416 critical supply operations for the British, Irish and Spanish authorities. To date it has helped governments and private customers transport over 11,000 tonnes of PPE and medical supplies on these charters. We also saw additional PPE tonnage transported across scheduled flights.

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