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Canada's Cargojet back in black for Q1 after two years of losses
CANADA's CargoJet first quarter net profit of US$34 million ended more than two years of losses as investments began to pay off and revenues increased 42.1 per cent year on year to US$60 million.
"Our financial and operating results for the quarter were very strong, as we complete the first full transformational year of our business," said president and CEO Ajay Virmani.
Noting limited organic growth opportunities in Canada, Mr Virmani said: "We are focused on seeking new revenue opportunities and to managing our operating costs by prudently matching capacity to meet actual demand."
Last month, Cargojet announced it would ACMI-lease and operate 767-300Fs on Air Canada Cargo's behalf, and serve routes between Toronto and destinations in Latin America and Europe.
During fiscal year 2015, the company reported a net loss of $14 million from start-up costs associated with its $1 billion overnight contract with Canada Post.
"Our financial and operating results for the quarter were very strong, as we complete the first full transformational year of our business," said president and CEO Ajay Virmani.
Noting limited organic growth opportunities in Canada, Mr Virmani said: "We are focused on seeking new revenue opportunities and to managing our operating costs by prudently matching capacity to meet actual demand."
Last month, Cargojet announced it would ACMI-lease and operate 767-300Fs on Air Canada Cargo's behalf, and serve routes between Toronto and destinations in Latin America and Europe.
During fiscal year 2015, the company reported a net loss of $14 million from start-up costs associated with its $1 billion overnight contract with Canada Post.
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