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Strong second quarter for Canada’s Cargojet

Strong second quarter for Canada’s Cargojet

Canadian overnight air cargo operator Cargojet said its total revenues were up 11.2% over the previous year to $88.2m, in its results for the quarter ended June 30.

Adjusted EBITDA earnings were up 9.3% over the previous year, at $24.6m. 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.

President and chief executive Officer, Ajay Virmani, said the increase in was due to Cargojet’s strategy to improve aircraft utilisation and to maximise margins.

He added: “We continue to prudently manage our operating costs and look for further route network optimization opportunities.”

Cargojet handles around m1.3 million lbs of cargo every business night across North America on its fleet of 18 all-cargo aircraft.


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