IAG Cargo carried a total of 874,000 tonnes of cargo in 2015, a 2.6-percent year-on-year decrease, according to full-year financial results released by the IAG Group.

Cargo tonne-kilometres also dropped 2.9 percent compared to 2014.

On a like-for-like basis, overall yield for 2015 was 4 percent lower than 2014. Volumes remained mostly unchanged but capacity increased by 3 percent, according to the carrier.

“These are resilient results in the face of challenging market conditions, where excess capacity and reduced demand are leading to significant price and yield pressures,” said Drew Crawley, CEO of IAG Cargo. “These structural changes to the market further reinforce our strategy of aggressive cost discipline coupled with a focus on growing our premium product offering.”

Crawley said that the year had shown a growing imbalance between supply and demand, despite an initial boost from the US West Coast port strike.

“We have exercised strict capacity management where needed and grown our premium products through investing in infrastructure, network and expertise,” he said. “Our premium-product revenue growth is testament to this, with our express product growing 14 percent in 2015, and our pharmaceutical offering growing by 37 percent.”

Crawley added that the company is confident that the right strategy is in place for the year ahead.

“In 2016 we will be making major infrastructure announcements which will deliver next-generation facilities and premium-product experience for our customers,” he said. “In addition we will launch key cargo destinations such as Lima, San Juan and San Jose, California and San Jose, Costa Rica. We will also be completing the full integration of Aer Lingus Cargo, which will open previously unavailable markets and flows for our customers.”