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Air T profit up 69pc on ground services as air cargo revenues fall

AIR T Inc posted an 69 per cent year-on year rise in net profit to US$2.48 million for fiscal 2015, ending March 31, drawn on revenues of $112.1 million, an increase of 11.3 per cent.

But air cargo revenue decreased five per cent to $2.47 million, as ground equipment revenue increased 33 per cent to $10.26 million while ground support services revenue was up 21 per cent to $3.62 million.

Air cargo revenues were down primarily as a result of a cyclical decline in heavy maintenance at our Kingston, North Carolina facility, said the company statement.

The increase in ground equipment sales revenue was due primarily to an increase in sales of commercial deicers. The increase in ground support services revenue was the result of growth in new markets and services for both new and existing customers and strong part sales, said the Maiden, North Carolina company.

Nasdaq-listed Air T, through its subsidiaries, provides overnight air freight service to the express delivery industry, manufactures and sells aircraft deicers and other special purpose industrial equipment, and provides ground support equipment and facilities maintenance to airlines.