Air Canada cargo business hurt by aircraft mix, Asia weakness

Air Canada and International Airlines Group, the parent of British Airways, said Friday the phaseout of cargo-only flights with passenger aircraft as travel recovers from the pandemic heavily contributed to declines in third-quarter cargo revenue compared to 2021. Most airlines reporting so far are registering some declines in cargo revenue as the market softens this year. However, Air Canada's 23% drop is significantly greater than its competitors and notable because it also added two dedicated all-cargo jets to its fleet this year. Air Canada's (OTCUS: ACDVF) earnings report showed cargo revenue of $207.2 million, down nearly a quarter from a…