British Airways World Cargo first quarter results April 2010 - June 2010 (30/07/2010)

British Airways World Cargo has reported commercial revenue (flown revenue plus fuel surcharges) of £175 million for the first quarter of the financial year beginning April 2010. This represents an increase of 36.7 per cent against the same period last year. Excluding the impact of favourable exchange rate movements, commercial revenues were up 34.6 per cent.

Volumes of 1.1 million cargo tonne kilometres (CTKs) for the quarter year represent an increase of 2.1 per cent versus the same period last year. Cargo capacity for the same period was down 4.7 per cent.

Overall yield (commercial revenue per CTK) increased by 33.9 per cent versus the same period last year, driven partly by an improved premium product mix and underlying market conditions. Excluding the impact of exchange rate movements, yield increased by 31.8 per cent.

Rachel Izzard, financial controller, BA World Cargo, comments: "These results illustrate a strong start to the year by British Airways World Cargo, as we continue to see improved underlying price improvements and a robust performance by our premium products, with performance remaining particularly resilient in key markets across the Middle East and Asia Pacific."

"It is important to note that this quarter was subject to schedule disruptions. However, our freighters, trucking network and flexible scheduling arrangements meant we were able to minimise the impact of the disruption to our customers," adds Rachel Izzard.

Steve Gunning, managing director, BA World Cargo comments: "We have made a good start to the year and we are pleased to see yield levels improving alongside capacity. It is encouraging to see the improvement in yields. However, it is imperative that the introduction of capacity in the market remains rational and measured. At BA World Cargo our focus remains on the service we provide to our customers and our recent decision to upgrade our fleet of freighters to the new Boeing 747-8fs in early 2011 is just one example of our commitment to them."