Cargojet sees dip in profit
Aug. 11, 2011, Mississauga, Ont. - Cargojet says second-quarter profits dropped to $1.4 million as the air cargo services firm was impacted by losses due to foreign exchange and lower yields.
August 11, 2011 By The Canadian Press
The company said lower profit was equal to 18 cents per share versus $15.3 million a year ago, or $1.66 a share.
Revenues increased nine per cent to $41.2 million from $37.8 million.
"The increase in overall revenue was offset by losses due to foreign exchange and lower yields, as the economy continues to be soft and customer pricing pressure remains,'' said president and CEO Ajay Virmani in a release.
"Additionally, some expected new business that was scheduled to begin in the Quarter was delayed but has started and will have a positive impact on future quarters.''
Cargojet describes itself as Canada's leading provider of time-sensitive overnight air cargo services, using a fleet of 13 all-cargo aircraft to transport more than 750,000 pounds of such freight across North America each business night.