Cargojet reports strong second quarter results

posted on 1st August 2019 by Justin Burns
Cargojet reports strong second quarter results

Cargojet has reported a C$4.3 million ($3.3 million) net profit for the second quarter ending 30 June – which came despite the uncertainties and slowdown in air cargo.

The Canadina carrier also reported total revenues were up 9.3 per cent year-on-year to $119.1 million, an increase of $10.1 million, while adjusted EBITDA was up 30.2 per cent to $37.5 million, an increase of $8.7 million on the previous year.

“A strong financial discipline combined with continued strength in our core business allowed us to post another strong quarter,” said Ajay Virmani, president and CEO. “As the courier industry shifts to 7 days-a-week delivery model to accommodate faster service expectations of e-Commerce retailers, we are uniquely positioned to execute on this new model.”

“We are also finding growing synergistic opportunities in our ad hoc and ACMI charter business that is improving fleet utilisation and overall margins. At the heart of our strategy is service excellence and I am extremely proud of Cargojet team that continues to exceed customer expectation by delivering unprecedented on-time performance,” Virmani added.

Cargojet ended the second quarter with a fleet of 22 freighters in service, only two more than the second quarter of 2018. Cargojet carries over 1,300,000 pounds of cargo on a network across North America.