IAG Cargo Announces Fourth Quarter and Full Year 2011 Financial Results

IAG Cargo has reported commercial revenue (flown revenue plus fuel surcharges) of €310 million versus €300 million in the same period last year. For the full year IAG Cargo reported commercial revenue of €1,190 million, an increase of 8.6 per cent on the same period in 2010.

Volumes of 1,596 million cargo tonne kilometres (CTKs) for the quarter represent an increase of 1.1 per cent versus the same period last year. For the twelve months the figure is 6,156 million CTKs, an increase of 4.2 per cent on the same period in 2010. Cargo capacity for the quarter was up 3.6 per cent and 5.6 per cent for the full year.

Overall yield (commercial revenue per CTK) for the fourth quarter increased by 2.2 per cent versus the same period last year, excluding exchange it was 3.5 per cent. This was driven by positive premium product volumes and increases in fuel surcharges, partially off set by market price pressure. For the full year, overall yield increased by 4.2 per cent and, excluding exchange, by 6.5 per cent.

Steve Gunning, Managing Director for IAG Cargo commented: "IAG Cargo has delivered record full year results in 2011. We are encouraged by this result given both the challenging economic environment and that it was the first year for our single business.

Our Premium products have performed well. In particular, Prioritise, our express product, has increased revenues by 20.4 per cent versus last year."

"In addition, resurgence in previously sluggish markets has contributed to our success with growth in Europe and the US. Meanwhile, the expanded global network and fully operational fleet of three Boeing 747-8 Freighters is providing customers with increased capacity, as well as more extensive network of freighter routes."