Cargojet Inc. reported net income of $31.1 million in its latest quarter, down from $160.9 million in the same quarter last year as its revenue moved lower. A Cargojet plane is shown in an undated handout photo. THE CANADIAN PRESS/HO-Cargojet **MANDATORY CREDIT**
MISSISSAUGA, Ont. – Cargojet Inc. reported net income of $31.1 million in its latest quarter, down from $160.9 million in the same quarter last year as its revenue moved lower.
The air cargo company said Monday its profit amounted to $1.68 per diluted share for the quarter ended June 30, down from $8.20 per diluted share a year earlier.
To prepare Cargojet to ride the current economic cycle, Cargojet chief executive Ajay Virmani said the company, which provides air cargo services to major cities across North America with a fleet of 40 aircraft, shifted its focus to cost management and rightsizing its network.
“While we expect economic conditions to remain difficult, the shift in consumer spending towards travel and leisure versus goods is expected to normalize towards the end of this year,” Virmani said in a news release.
On an adjusted basis, Cargojet earned 91 cents per share, down from an adjusted profit of $1.51 per share in the same quarter last year.
Revenue for the quarter totalled $209.7 million, down from $246.7 million a year earlier.
Revenue excluding fuel surcharges and other revenue was $171.6 million compared with $177.2 million a year ago.
This report by The Canadian Press was first published Aug. 14, 2023.
Companies in this story: (TSX:CJT)
