It’s been almost one year since Canadian all-cargo carrier Cargojet was awarded the contract to carry mail for Canada Post. Since then, the carrier has reported a 50-percent increase in revenue for 2015, compared to 2014, reaching US$217 million. However, with the Canada Post deal came the need for additional aircraft and employees, resulting in a 2015 net loss for the airline of $13.5 million, compared to US$7 million in 2014.
The carrier now has a fleet of 21 all-cargo aircraft, and it carries approximately 590 tonnes of cargo each business night “The past year has been transformational for Cargojet, as revenues grew by over 50 percent and we added 14 new aircraft to service our growing customer base,” said Ajay Virmani, president and CEO. “We continue to adjust cargo capacity available to meet actual customer demand and maintain overall margins.”
Adjusted earnings before interest, taxes, depreciation and amortization (EBITA), before one-time costs, was US$39 million – a 132 percent increase over 2014. Adjusted EBITA, net of one-time costs, was US$27 million.