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Cargojet posts Q3 loss of US$1.66 million
CANADA-based Cargojet has posted a third-quarter loss of US$1.66 million, which is an improvement over the $1.73 million loss recorded in the same period a year earlier.
The result marks the third quarter in a row that the company has suffered a year-on-year quarterly loss. Third-quarter total revenue increased by 59.5 per cent over the third quarter of 2014 to $56.8 million.
The carrier said that higher volumes from the Canada Post contract, combined with lower-than-expected costs in preparation for the contract, gave the airline a shot in the arm during the third quarter, reported Air Cargo World.
However, currency effects and higher operating costs incurred during an increase in block hours, plus the significant increase in fleet size to accommodate Canada Post volumes, partially offset any gains during the quarter.
CEO Ajay Virmani said customer volumes, particularly those related to e-commerce shipping, continued to increase in the third quarter ahead of the upcoming peak shipping season. The carrier also saw an increase in aircraft, crew, maintenance and insurance (ACMI) leases and benefitted from higher fuel surcharges.
The result marks the third quarter in a row that the company has suffered a year-on-year quarterly loss. Third-quarter total revenue increased by 59.5 per cent over the third quarter of 2014 to $56.8 million.
The carrier said that higher volumes from the Canada Post contract, combined with lower-than-expected costs in preparation for the contract, gave the airline a shot in the arm during the third quarter, reported Air Cargo World.
However, currency effects and higher operating costs incurred during an increase in block hours, plus the significant increase in fleet size to accommodate Canada Post volumes, partially offset any gains during the quarter.
CEO Ajay Virmani said customer volumes, particularly those related to e-commerce shipping, continued to increase in the third quarter ahead of the upcoming peak shipping season. The carrier also saw an increase in aircraft, crew, maintenance and insurance (ACMI) leases and benefitted from higher fuel surcharges.
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