Air T posts higher earnings

AIR T, express and ground-support provider, has announced net earnings of US$4,379,000 for the financial year 2009, ending 31 March. This compares to $3,402,000 for 2008.

Consolidated revenue was $90,668,000 compared to $78,399,000 – an increase of 16 per cent. This came form a $3,654,000 (10 per cent) increase in ground equipment sales revenue, a $3,729,000 (nine per cent) increase in air cargo revenue, and a $4,886,000 increase in ground-support services revenue.

Walter Clark, chairman and chief executive officer, said: “Our performance was attributable to our very strong performance in the first half of the fiscal year, with results for the latter half, while still solid, not matching the record pace set earlier in the year. The results also include the first full year of contribution by our ground support services business, which accounted for nine per cent of our consolidated revenues for the fiscal year.

“We consider ourselves fortunate to be able to report these outstanding results, particularly in these challenging times, and consider these results a testament to our tremendous employees. Given the uncertain environment going forward, we continue to watch costs closely and maintain cash balances at conservative levels, which we believe provides us the flexibility to pursue attractive growth opportunities.”

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