IAG Cargo Q3 revenue at €373 million

IAG Cargo, the cargo division of International Airlines Group (IAG), reported revenue of €373 million ($373 million) for Q32022 (July 1 to September 30, 2022).

The Q3 results take IAG Cargo's year-to-date revenue to €1.2 billion ($1.2 billion), up 3.6 per cent in comparison to YTD 2021, says an official release.

IAG Cargo's product for perishables, Constant Fresh, saw volumes increase 114 percent in Q3 compared to the same period last year. Since the start of the year, transactions from SME customers have increased by 20 percent YoY.

"In Q3, the business continued to offer increased services across its network with capacity between London-Heathrow, Madrid and the U.S. more than doubling in the quarter (compared to Q32021)."

Capacity, measured in available tonne kilometres (ATKs), increased 36 percent compared to Q32021. "The extra lift out of the U.S. has provided an important lifeline to US growers transporting their goods across the Atlantic with a notable increase of those goods landing in the Middle East where flights have doubled from IAG Cargo's London Heathrow hub since Q3 2021."

IAG Cargo had a commercial revenue of €1.7 billion in 2021 and a combined workforce of more than 2,250 people. IAG is one of the world's largest airline groups with 531 aircraft as on December 31, 2021.