BA Cargo first quarter revenue down 28%
British Airways World Cargo said Friday its first quarter fiscal year revenue dropped 28.1 percent from the same period in 2008.
The airline reported commercial revenue (flown revenue plus fuel surcharges) of '128 million ($210.6 million) for the first quarter ending June 30.
Volumes also decreased, by 11.5 percent to 1.1 billion cargo ton kilometers (CTK). Cargo capacity for the same period was down 6.5 percent. Overall yield (commercial revenue per CTK) decreased 19 percent, driven by lower fuel surcharges.
'Demand for general air freight in the first quarter of the year has declined across all markets, though our premium volumes have performed relatively well given the economic conditions,' said Sean Doyle, financial controller, BA World Cargo. 'Europe, the U.S. and Asia Pacific have been hit particularly hard with yields falling as a result of declining fuel surcharges and over-capacity in the market.'
The company released no information on profits.