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Cargojet posts Q2 profit

Aug. 13, 2013, Mississauga, Ont. - Cargojet Inc. returned to profitability in the second quarter, with $1.12 million of net income or 14 cents per share.


August 13, 2013
By The Canadian Press

That was up from $1.05 million of net income or 13 cents per share in the second quarter of 2012 and contrasted with a $407,000 net loss reported in the first quarter of this year.

Revenue for the three months ended June 30 was $42.7 million, up about $2 million from a year earlier but direct and administrative expenses were also up — offset by lower financing-related costs.

Adjusted earnings from continuing operations was $4.2 million, down 6.7 per cent from $4.5 million in the second quarter of 2012.

Cargojet also reported a $1.2 million adjusted cash outflow during the second quarter, compared with an inflow of $2.8 million a year earlier — mainly due to the addition of property, plant and equipment..

Based in Mississauga near Toronto, Cargojet has a fleet of Boeing jets that provides overnight cargo transportation services across North America.


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