Tech loss drags down Air T
16 / 08 / 2016
US-based overnight air cargo and aviation support company Air T reported a loss of $3.68 million in the first quarter of the 2016/17 financial year, which ended June 30.
However, the figures included those of new acquisition Delphax Technologies, which ran up an operating loss of $6.9m including $5.6m in impairment and severance costs.
Overnight air cargo revenues increased $3.75m (29%) to $16.6m compared to the same quarter in the previous year. Administrative fees paid under the dry-lease agreements increased as did maintenance revenues, raised to reflect higher hourly maintenance labour rates.
This contributed to a rise in consolidated revenue of $8.1m (36%) to $30.5m for the quarter compared to the comparable quarter in the previous fiscal year.
Air T’s cargo activities include Mountain Air Cargo and CSA which run North American feeder services under contract with FedEx.
Ground equipment sales revenue increased $215,000 (5%) to $4.25m and the segment’s operating loss decreased by $378,000 (73%) to $141,000.
Ground support services revenue increased $1.4m (25%) to $6.8m as a result of growth in new markets
