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The Canadian Press - ONLINE EDITION

Overnight air service company Cargojet posts Q2 loss on higher revenues

MISSISSAUGA, Ont. - Cargojet Inc. (TSX: CJT) reports a second-quarter net loss of $689,483, impacted by one-time start-up costs in the quarter related to a new contract and expansion of its overnight services.

That's a loss of eight cents per diluted share, compared with a profit of $1.1 million, or 14 cents per diluted share, in the same quarter last year.

Revenues were up at $44.3 million, an increase of $1.6 million or 3.7 per cent year-over-year.

"One-time start-up costs, including the introduction of new aircraft and resources totalling $2.3 million were incurred in the quarter," said Ajay Virmani, president and CEO.

"These are required to meet the needs of our previously announced major new contract and the expansion of our overnight network in early 2015," Virmani said in a news release on Monday.

Cargojet is a leading provider of overnight air cargo services and operates a network across North America as well as global air charters.

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.

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