News / IAG Cargo praised for quick reaction to pandemic, but group is in the red

IAG Cargo’s 18.5% rise in revenue to €1.3bn ($1.6bn) was severely overshadowed by the group’s overall €7.4bn full-year loss.

Passenger revenue dived 75%, from €22.4bn to €5.5bn, while it burned through €4.1bn in cash last year.

Its cargo division, as with other airlines, was the star of the show, as yields rose 94.6%, although tonnes were down 34.9%.

And, as one forwarder noted recently: “If you make more money shipping less cargo, it’s a good year. Less risk and exposure.”

Forwarders also noted how ...