U.K.-based IAG Cargo reported third-quarter 2019 revenues that were down 9% year-over-year at a constant exchange rate, to €269 million for the period ending Sept. 30.
Tonnage was down 5.7% during the quarter, to 162,000 tonnes. Cargo traffic meanwhile, was 4.9% lower at 1.35 billion cargo-tonne kilometers. Cargo yield for the quarter was down 4.2% as a result.
“Revenue for the quarter reflected the industry wide decline in airfreight and weakening of global trade, said Lynne Embleton, CEO at IAG Cargo. “Despite the general weakness in the market, our network breadth has allowed us to take advantage of relatively robust demand for our fresh and premium products.”
Year-to-date for the first three quarters, cargo revenue is 2.6% lower compared to the same period in 2018, at €825 million.
Embleton added that IAG continues to invest in technologies that improve product delivery. This quarter, IAG partnered with Expeditors affiliate Cargo Signal to enhance end-to-end cargo monitoring.
“Moving into the busiest period in the air cargo calendar we remain focused on delivering for our customers and investing in the future of our business,” said Embleton.