IAG Cargo’s volumes were down 1.8 per cent in the first quarter of 2016, while yields decreased 6.9 per cent at constant exchange.

IAG’s commercial revenue of 262 million euros over the period from 1 January to 31 March, 2016, was a decrease of 1.5 per cent compared to 2015.

Adjusting the prior year’s figures to reflect a directly comparable operation, commercial revenue decreased 8.6 per cent versus last year at constant exchange.

IAG Cargo chief executive officer, Drew Crawley says: “These are respectable results in the face of a challenging market. The trading conditions experienced towards the end of last year have continued into 2016.

“The industry is also cycling over the west coast port strike that dominated the start of 2015, producing an unusually strong start to last year. Despite this high benchmark, the numbers reported today show that a relentless focus on premium products, strong cost control and precision management of our capacity and yields is helping our business to withstand these headwinds.”

He says IAG’s focus on premium products continues to pay off with double-digit growth in tonnages of Constant Climate and Prioritise products.

Crawley adds: “Our network expansion over the coming months will also be welcome news for our customers as we expand into strong cargo markets, we have announced routes from Madrid into both Shanghai and Johannesburg this year.

“Our expansion in South America to Lima, San Juan and San Jose will see new flows of perishable and pharmaceuticals enter our network. Meanwhile our new North American service into San Jose, California will enable hi-tech products to enter and exit one of the world’s leading innovation capitals.”

Crawley says in the second quarter the integration of Aer Lingus Cargo will pass several major milestones, bringing new routes to the IAG network from Dublin to Hartford, Newark and Los Angeles this year.

He concludes: “The IAG Cargo model and strategy remains unchanged and we are confident that this is appropriate for the current market conditions our industry is experiencing.”