While Canada’s Cargojet has successfully integrated the express mail contract it won for Canada Post earlier this year, and while it has been in the carrier’s order of business, Cargojet still had a net loss of US$4.7 million for the three months ending June 30, with a $11 million net loss for the half-year period.
Total revenue for the second quarter (ending June 30) was $57.4 million, an increase of $23.6 million, or 69.6 percent, y-o-y. Gross margin was $5.6 million, which is an increase of $1.6 million, or 39.3 percent, y-o-y.
“Overall customer demand for Cargojet’s primary overnight network services and its air cargo charter services were softer than expected in the quarter, and we continue to match capacity to actual demand, in order to keep operating costs in line,” said Ajay Virmani, president and CEO. “One-time costs related to the expansion of our core overnight network that started in March, for a major customer, were in line with our planned expenditures.”