Cargojet profits drop

LOWER demand has pushed Canadian company Cargojet’s second-quarter profits down to CA$1.4 million (US$1.417 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,” president and chief executive officer Ajay Virmani said. “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.”

Revenues increased nine per cent to CA$41.2 million ($41.7 million) from CA$37.8 million ($38.3 million).

Cargojet is a provider of time-sensitive overnight air cargo services using a fleet of 13 all-cargo aircraft to transport more than 750,000 pounds of freight across North America nightly.