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Cargojet Inc. has announced financial results for the first quarter ended March 31, 2014.
For the First Quarter Ended March 31, 2014:
- Total Revenues were $43.7 million, an increase of $3.0 million or 7.4 per cent versus the previous year.
- Gross Margin was $3.8 million, a decrease of $1.0 million or 20.8 per cent versus the previous year
- EBITDA was $1.4 million, a decrease of $1.3 million or 48.1 per cent versus the previous year
“Strong revenue growth in the quarter was offset by one-time startup costs related to a new contract and to the introduction of two B757-200ER freighter aircraft that began revenue service April 01st,” says Ajay K. Virmani, president and chief executive officer. “We are encouraged by the increasing demand for Cargojet’s services and will continue to manage our costs prudently, as we expand our aircraft fleet and business in anticipation of the planned expansion of our domestic network in 2015,” he concluded.
Cargojet is Canada’s leading provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.
