Overnight service Cargojet posts first-quarter net loss on higher revenues

MISSISSAUGA, Ont. – Overnight service Cargojet reports a first quarter net loss of $1.6 million, or 19 cents per share, compared with a loss of $407,000, or five cents per share, in the same quarter of 2013.

Revenues for the cargo airline were up 7.4 per cent to $43.7 million versus $40.7 million year-over-year.

The Mississauga, Ont., company said the higher revenues were mostly due to more overnight volumes and higher charter services.

It provides overnight air cargo service between 13 major Canadian cities.

In February, Cargojet was awarded a multi-year contract to provide domestic air cargo services to Canada Post and its Purolator division. Cargojet has said projected revenues from the contract are estimated to be approximately $1 billion during the initial seven-year agreement, based on projected volumes.