International Airlines Group, the merged British Airways-Iberia carrier, saw cargo revenue decline 7.2 percent in the first quarter from a year ago, largely due to a collapse in traffic at its troubled Spanish unit.
The decline, to €270 million ($351 million) from €291 million ($378 million) in the first three months of 2012, was associated with an 8 percent slide in traffic.
BA’s traffic, measured in metric ton kilometers, declined 4.3 percent from a year ago, while Iberia’s crashed 21.9 percent.
The IAG group’s first quarter operating loss rose to $361.4 million from $323.7 million a year earlier due to 10 days of strikes at Iberia over job cuts and the weakening of the pound against the dollar and the euro.
IAG booked a $404.3 million charge for restructuring Iberia that pushed its pre-tax loss to $871 million from $323.7 million in the first quarter of 2012.
Revenue for the quarter rose by 0.5 percent to $5.1 billion.