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Canada's Cargojet backs out of loss to declare US$2.9 million Q2 profit
CANADIAN air freight carrier Cargojet reversed out of last year's second quarter C$6.1 million net loss to generate a C$3.8 million (US$2.9 million) quarterly profit in 2016. This year's result was drawn on revenues of C$79.3 million, up 5.5 per cent year on year.
As expenses fell 14 per cent to C$58.4 million, second-quarter operating profit came to C$20.9 million, nearly triple that of last year's C$7.3 million.
The airline's average cargo revenue per operating day increased 11.8 per cent to C$1.23 million. Total block hours flown during the second quarter decreased 4.2 per cent to 5,909.
The carrier reported 50 operating days on its overnight network during the quarter (Monday-Thursday with reduced operations on Friday).
Cargojet's operations include a domestic overnight air cargo co-load network between 14 Canadian cities; dedicated aircraft provided to customers on an ACMI (aircraft, crew, maintenance and insurance) basis operating between Canada and the US.
The company also scheduled international routes between the US and Bermuda, and Canada and Germany. In June, the airline began flying additional ACMI flights to Colombia, Mexico and Peru.
Cargojet attributed the company's second-quarter growth to a C$2.1 million increase in core overnight delivery service revenues, which largely consisted of revenue from contractual consumer price index increases and new customer revenue.
To this was added a C$4.4 million year-on-year increase in ACMI scheduled and ad-hoc charter revenue, mostly generated from a new scheduled daily route to the US, the airline said.
Cargojet's fleet as of June 30 totalled 21 aircraft, down from 24 aircraft a year ago, comprised of eight Boeing 767-300 freighters, one 767-200 freighter, five 757-200 freighters, six 727-200 freighters and one Challenger 601 converted for cargo operations.
A second cargo-converted 601 will be in service by the end of 2016, the company said, bringing Cargojet's total in service fleet to 22.
As expenses fell 14 per cent to C$58.4 million, second-quarter operating profit came to C$20.9 million, nearly triple that of last year's C$7.3 million.
The airline's average cargo revenue per operating day increased 11.8 per cent to C$1.23 million. Total block hours flown during the second quarter decreased 4.2 per cent to 5,909.
The carrier reported 50 operating days on its overnight network during the quarter (Monday-Thursday with reduced operations on Friday).
Cargojet's operations include a domestic overnight air cargo co-load network between 14 Canadian cities; dedicated aircraft provided to customers on an ACMI (aircraft, crew, maintenance and insurance) basis operating between Canada and the US.
The company also scheduled international routes between the US and Bermuda, and Canada and Germany. In June, the airline began flying additional ACMI flights to Colombia, Mexico and Peru.
Cargojet attributed the company's second-quarter growth to a C$2.1 million increase in core overnight delivery service revenues, which largely consisted of revenue from contractual consumer price index increases and new customer revenue.
To this was added a C$4.4 million year-on-year increase in ACMI scheduled and ad-hoc charter revenue, mostly generated from a new scheduled daily route to the US, the airline said.
Cargojet's fleet as of June 30 totalled 21 aircraft, down from 24 aircraft a year ago, comprised of eight Boeing 767-300 freighters, one 767-200 freighter, five 757-200 freighters, six 727-200 freighters and one Challenger 601 converted for cargo operations.
A second cargo-converted 601 will be in service by the end of 2016, the company said, bringing Cargojet's total in service fleet to 22.
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