Cargojet Q3 profit dives as expenses rise faster than revenue

MISSISSAUGA, Ont. – Cargojet Inc. (TSX:CJT) reports it had $225,000 of net income in the third quarter, a 77 per cent decline from $947,000 in the comparable period last year, due to a combination of factors.

Net income dropped to three cents per share from 12 cents per share in the third quarter of 2012. Adjusted earnings also fell, to $3.36 million from $5 million, due to increased operating costs.

Cargojet’s revenue improved 3.9 per cent to $43.4 million but direct expenses rose 8.2 per cent to $37.8 million.

It provides overnight air cargo services to 13 Canadian cities for a number of international airlines as well as special charter flights.

It also has scheduled service between New Jersey and Bermuda and between Canada and Poland.