Canada’s Cargojet reports good Q1

Mississauga, Canada-based Cargojet, which recently took over Canada Post’s express mail contract with Purolator Express, reported total revenue of C$54.1 million for the first quarter of 2015, an increase of $10.4 million or 23.8 percent over 2014. Adjusted earnings before interest, taxes, depreciation and amortization (EBITA), and before one-time costs, was $7.3 million, an increase of $5.5 million, or 305.6 percent over 2014. Adjusted EBITA, net of one-time costs, was $800,000, the company reported.

“Cargojet successfully began the integration of its new major customer in March 2015, which has contributed to revenue growth in the quarter,” said Ajay Virmani, president and CEO. The Purolator Express business was transferred to Cargojet from Canada-based Kelowna Flightcraft on April 1. Cargojet won a seven-year, C$1 billion contract to deliver mail for the express service.

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