IAG Cargo today announced its third-quarter results, reporting commercial revenues of €302m ($353m) from 1 July to 30 September, an increase of  14.1% on the same period in 2019, at constant currency.

Overall yields for the quarter  were up 113.4% on last year at constant currency, reflecting the extra costs of a flying programme that continues to retain a substantial cargo-only schedule. Sold tonnes were down 42%.

CEO Lynne Embleton said: “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 has 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 a week and we will further develop our network into Q4.”

She added: “This scheduled capacity continues to be supplemented by bespoke charter operations. While 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.

“Yield performance was favourable versus the previous year and demonstrates the distinct shift in supply of market capacity and demand. The prevailing strong yield environment has allowed us to expand services and open markets that had previously been closed.

“Yield performance was also supported by our product mix. Constant Climate, IAG Cargo’s cold chain product for transporting temperature-sensitive pharmaceutical products, continues to grow.

“There is a clear energy and determination throughout our business to adapt to the current situation.  A look at what we have carried over the last three months gives a glimpse into what matters. With the international focus on health, we have moved large quantities of PPE, sanitiser and diagnostic kits, as well as the usual movement of food and medicines.

“We see an economy that wants to keep moving – we have transported cables, drill bits, tech and car parts for industry. And we see a desire to continue to make the most of life; we’ve moved surfboards, boxing gloves, electric guitars, pets, beer hops, wine and coffee. Across IAG Cargo, we are proud to be playing our part in serving society.”