Sunday, July 21, 2024
$75m Q2 revenue for Cargojet

$75m Q2 revenue for Cargojet

Canadian express airline Cargojet has declared a 69.6 per cent revenue increase to $75.2 million for the second quarter (Q2), compared to the same period in 2014.

According to the airline, its gross margin for the quarter ending June was a 39.3 per cent increase on April to June last year. This year’s Q2 gross margin was $7.3 million, $2.1 million more than April to June 2014. Another multiple digit increase Cargojet has claimed is its earnings before interest, tax, depreciation and amortization (EBITDA) which it says increase, before “one time costs,” by 147.7 per cent compared to 2014, to $10.9 million. However, including one time costs sees its EBITDA drop to $6.6 million.

“One-time costs related to the expansion of our core overnight network that started in March 2015, for a major customer were in line with our planned expenditures,” says the airline’s president and chief executive officer, Ajay Virmani. “Overall customer demand for Cargojet’s primary overnight network services and its air cargo charter services were softer than expected in the Quarter and we continue to match capacity to actual demand, in order to keep operating costs in line.”

Last week, Cargojet announced its successful recertification of its ISO 9001:2008 quality standard accreditation, for the fifteenth consecutive year. The airline says it is the only air cargo carrier in Canada with this accreditation. Cargojet says it carries more than 1,000,000 pounds (45,454 kilogrammes) of cargo each business night. Its network across North America uses a fleet of Boeing freighters.


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