The good news keeps coming, this time from Canadian air cargo airline Cargojet, which posted “exceptional second-quarter results,” the airline announced. At US$22.5 million, adjusted EBITDA was up by $15.9 million, or a 240.9 percent increase over Q2 of the previous year. Gross margin was $20.9 million, up $13.6 million or 186.3 percent Q2 of 2015.
During the quarter ending June 30, Cargojet’s revenue streams grew across the board. Total overnight, charter and ACMI business increased by 5.5 percent compared to the same period in 2015. The carrier noted in its outlook that it “anticipates that revenues will continue to sustain growth due to the continued development and strengthening of its relationships with existing customers.” The carrier also has plans to build new relationships with other carriers to establish new ad hoc charters and ACMI routes to the United State and South America.
And while cargo has had a rough couple of years, the express carrier noted that it had experienced growth in its total overnight shipping volumes in each of the previous eight quarters. Cargojet made headlines recently with a South American route to Colombia, Peru and Mexico City.
“Our record financial and operating results for the quarter reflect our fleet optimization efforts and the elimination of one-time transition costs as we successfully completed the transformation to our new overnight network,” said Ajay Virmani, president and CEO. “While organic growth remains flat, we are encouraged by the improvements in yields and continued prudent management of our operating costs including ongoing capacity management,” he added.
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Source: aircargoworld