May 10 - IAG Cargo - the air freight division of the International Airlines Group - has seen its revenue for Q1 2013 drop by 7.2 percent year-on-year to EUR270 million (USD350.9 million).
IAG Cargo flew approximately 1.36 billion cargo tonne kilometres (CTK) in Q1 2013, representing a year-on-year decrease of 8 percent. Cargo capacity was down 1.7 percent.
Commercial revenue per-CTK for the quarter improved by 0.8 percent year-over-year.
IAG Cargo was formed two years ago following the merger of British Airways World Cargo and Spain's Iberia Cargo. Steve Gunning, managing director of IAG Cargo commented: "During the first quarter we have seen weak market conditions, particularly on the North American trade lanes. Industrial action at Iberia during February and March also affected the load factors."