News
Cargojet posts swings in Q1 loss

Mississauga, Ont. – Cargojet Inc. has swung to a
$407,000 loss in the first quarter despite a 1.5 per cent increase
in revenue.

The Mississauga, Ont.,-based provider over overnight air cargo
services says the loss amounted to five cents per share. That
compared with a profit of $30,000, amounting to less than a penny
per share, in the same 2012 period.

Cargojet said it faced slightly higher direct expenses in the
most recent period as well as a $211,000 impairment charge in the
quarter, versus none a year ago.

"We are very pleased with the improvement in financial and
operating results, as compared to the previous year, despite two
less operating days in the quarter,'' president and CEO Ajay Virmani
said in a statement.

"We continue to see modest improvements in demand and volumes
from all revenue sectors, although overall yields and pricing remain
under pressure."

Cargojet is Canada's leading provider of time sensitive overnight
air cargo services and operates a network across North America as
well as global air charters.