Cargojet profits soar in 2017

The Mississauga, Canada-based all-cargo airline posted net earnings of $23.7 million Canadian (U.S. $18.1 million) for the year compared with just C$2.4 million in 2016, as revenues rose 15.7 percent to C$382.9.    Cargojet saw its earnings soar in 2017, posting a net profit of $23.7 million Canadian (U.S. $18.1 million) for the year compared with just C$2.4 million in 2016, according to the company’s most recent financial statements.
   The Mississauga, Canada-based all-cargo airline posted diluted earnings per share (EPS) of C$1.93 in 2017 compared with C$0.22 per share the previous year in 2016, as revenues rose 15.7 percent to C$382.9.
   Cargojet’s full-year results were fueled by a strong fourth quarter—the traditional peak season for airfreight—in which total revenues increased 25.6 percent year-over-year to C$118.2 million.
   “We are very pleased with the strong financial results achieved in the fourth quarter,” Ajay Virmani, president and chief executive officer of Cargojet, said in a statement. “We continue to execute our plan to optimize our overnight network and to improve aircraft utilization while meeting the growing demands of e-commerce activity.”