Cargojet earnings flying high in Q2 2017

The Canadian all-cargo airline attributed a 15.8 percent year-over-year increase in net earnings for the second quarter to improved aircraft utilization and declining operating costs.    Ontario-based all-cargo airline Cargojet posted net earnings of $4.4 million Canadian (U.S. $3.4 million) for the second quarter of 2017, an increase of 15.8 percent compared the same period a year prior, according to the company’s most recent financial statements.
   Diluted earnings per share stood at C$0.39 for the quarter, as revenues ticked up 1.2 percent year-over-year C$88.2 million. In addition, the airline’s gross margin totaled C$23.3 million, an increase of 11.5 percent from the second quarter of 2016.
   “We are very pleased with the financial and operating results produced during the quarter,” said Ajay Virmani, president and CEO. “The significant increase in revenues over the previous year was the result of the successful execution of our strategy to improve the utilization of our aircraft assets and to maximize margins. We continue to prudently manage our operating costs and look for further route network optimization opportunities.”
   Cargojet specializes in time-sensitive overnight air cargo services across North America and carries approximately 1.3 million pounds of cargo each business night on 18 all-cargo aircraft.