DESPITE increased revenues, Toronto's Cargojet suffered continued, though lower profit losses, from 23 cents per unit to 22 cents year on year, reported the Canadian Press.
A strong revenue result of US$52.1 million from U$33.8 million from the air cargo division did not include fuel costs, said the company.
The delay in acceptance and introduction of Boeing 757-200ER (B757) and two Boeing 767-200ER (B767) freighters was a contributing factor in the second quarter's less than healthy results, said Cargojet CEO Ajay Virmani.
"Increased sub-charter and significant crew and training costs were the primary reason for the reduction in EBITDA despite an increase in core revenues during the quarter," he said.
In spite of a slowing down of demand in North America the company felt the business model was strong and fleet additions were positive.
Cargojet operates its network across North America, transporting over 885,000 pounds of time-sensitive cargo each business night, deploying 34 all-cargo aircraft.
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