Category Archives: Cargojet Airways

Cargojet posts a pre-tax profit of C$4.2 million in the second quarter

Cargojet Inc. (Cargojet Airways) (Hamilton) announced today financial results for the second quarter ended June 30, 2013 (all dollar figures are stated in Canadian dollars) .

For the Second Quarter Ended June 30, 2013:

Total Revenues were $42.7 million , an increase of $2.2 million or 5.4% versus the previous year.
Gross Margin was $6.3 million , a decrease of $0.9 million or 12.5% versus the previous year
EBITDA was $4.2 million , a decrease of $0.3 million or 6.7% versus the previous year

For the Six Months Ended June 30, 2013:

Total Revenues were $83.4 million , an increase of $2.8 million or 3.5% versus the previous year.
Gross Margin was $11.2 million , a decrease of $1.6 million or 12.5% versus the previous year
EBITDA was $6.9 million , an increase of $0.5 million or 7.8% versus the previous year

“Core overnight and charter revenues have shown some upward trends,” says Ajay K. Virmani, President and Chief Executive Officer. “The major challenge we continue to face is the pricing pressures from the marketplace and we will continue to ensure strict cost control and prudent financial management to ensure our margins stay on plan,” he concluded.

Copyright Photo: Ton Jochems/AirlinersGallery.com. Boeing 757-236 (F) C-FKCJ (msn 24792) waits for its evening departure from Vancouver International Airport.

Cargojet Airways:

Cargojet earns an operating profit of C$2.7 million for the first quarter

Cargojet Inc. (Cargojet Airways) (Hamilton) announced today financial results for the first quarter ended March 31, 2013 .

For the First Quarter Ended March 31, 2013:

Total Revenues were $40.7 million, an increase of $0.6 million or 1.5% versus the previous year.
Gross Margin was $4.9 million, a decrease of of $0.6 million or 10.9% versus the previous year
EBITDA was $2.7 million (all amounts in Canadian dollars), an increase of $0.8 million or 42.1% versus the previous year

“We are very pleased with the improvement in financial and operating results, as compared to the previous year, despite two less operating days in the quarter”, said Ajay K. Virmani, President and Chief Executive Officer. “We continue to see modest improvements in demand and volumes from all revenue sectors, although overall yields and pricing remain under pressure”. “We will continue to manage our cost prudently and gain efficiencies where available”, he concluded.

Cargojet:

European Routes:

Cargojet is profitable for the fourth quarter and 2012

Cargojet Inc. (Cargojet Airways) (Hamilton) announced today financial results for the fourth quarter and twelve-month period ended December 31, 2012 .

For the Fourth Quarter Ended December 31, 2012:

Total Revenues were $46.4 million , an increase of $3.5 million or 8.2% versus the previous year.
Gross Margin was $8.8 million , an increase of $1.7 million or 23.9% versus the previous year
EBITDA was $5.4 million , an increase of $2.2 million or 68.8% versus the previous year

For the Twelve Months Ended December 31, 2012:

Total Revenues were $168.8 million , an increase of $3.3 million or 2.0% versus the previous year.
Gross Margin was $28.3 million , a decrease of $1.5 million or 5.0% versus the previous year
EBITDA was $16.9 million , an increase of $1.7 million or 11.2% versus the previous year

“We are very pleased with our financial results, as we continue to operate in a challenging economic environment,” said Ajay Virmani, President and Chief Executive Officer. “Lower costs and greater efficiencies have combined with stronger core overnight and charter revenues, to provide for a strong finish to the year,” he added. “We are encouraged by the volume growth in the last half of the year and will continue to focus on new revenue opportunities and continued prudent cost management as we move forward into 2013”.

Copyright Photo: TMK Photography. Cargojet is one of the last cargo operators of the Boeing 727 freighter in North America. Ex-Eastern Boeing 727-225 (F) C-GCJB (msn 21855) taxies at the Hamilton hub.

Cargojet Airways:

Cargojet Airways to restructure as a corporation around January 1

Cargojet Airways Boeing 727-225 (F) C-GCJB (msn 21855) YHM (TMK Photography), originally uploaded by Airliners Gallery.

Cargojet Airways (Hamilton) is restructuring its ownership from the Cargojet Income Fund to a corporation structure on or about January 1, 2011.

Cargojet buys remaining 49% of Prince Edward Air

Cargojet Airways (subsidiary of Cargojet Income Fund) (Hamilton) has agreed to buy the remaining 49 percent of Prince Edward Air (Charlottetown). Previously Cargojet acquired a controlling 51 percent interest in the feeder and charter airline on May 1, 2008. The deal is expected to be closed on March 31, 2009. Cargojet started the Cargojet Regional brand in October 2007 after it acquired Georgian Express on July 27, 2007