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Cargojet reports Q1 loss, revenue up nearly 50 per cent from year ago

Canadian Press - Mon May 2, 8:02AM CDT

MISSISSAUGA, Ont. — Cargojet Inc. reported a loss in its latest quarter as its revenue grew by nearly 50 per cent compared with a year ago.

The company says it lost $56.4 million or $3.26 per diluted share for the quarter ended March 31 compared with a profit of $89.4 million or $5.24 per diluted share a year earlier.

Excluding a warrant valuation loss, Cargojet says it earned $30.4 million in its latest quarter compared with a profit of $7.5 million excluding a warrant valuation gain in the same quarter last year.

Revenue totalled $233.6 million for the quarter compared with $160.3 million in the first quarter of last year.

The company says the revenue growth reflected a strong contribution from its all-in charter segment that benefited from robust demand for global air cargo.

Cargojet provides air cargo services to all major cities across North America with its own fleet of 33 aircraft.

This report by The Canadian Press was first published May 2, 2022.

Companies in this story: (TSX:CJT)