Cargojet quarterly pretax profit rises 9.3% to USD 24.6 million
Cargojet's pre-tax second quarter profit increased 9.3% year on year to USD 24.6 million, drawn on revenues of USD 88.2 million, up 11.2%.
The company said revenues were up on increased volumes from existing overnight customers, contractual annual price increases related to the consumer price index and fuel surcharges. This was partially offset by a decrease in charter revenues.
Cargojet president and CEO Ajay Virmani said, "We continue to prudently manage our operating costs and look for further route network optimisation opportunities.”
He also said the increase in profit and revenue in was due to Cargojet's strategy to improve aircraft utilisation and to maximise margins.
Cargojet handles 1.3 million pounds of cargo every business night across North America on its fleet of 18 all-cargo aircraft.