CANADA-HEADQUARTERED Cargojet Inc says total revenue for the third quarter of this year was CAD214 million (US$155 million), compared to third-quarter 2022 revenue of CAD232.7 million, reports London's Air Cargo News.

Net earnings for the quarter were CAD10.5 million (with a net loss of CAD6.8 million excluding warrant valuation gain) compared to net earnings of CAD$83.4 million achieved in the third quarter of 2022 (with a net loss then of CAD1.9 million excluding warrant valuation gain).

Cargojet provides time-sensitive premium air cargo services to major cities across North America, offering its own dedicated, ACMI (aircraft, crew, maintenance and insurance) and international charter services. It operates its network with its own fleet of 39 cargo aircraft.

Ajay Virmani, president and chief executive, said: "Higher interest rates are starting to impact household disposable incomes and we are observing a division in household spending.

"The volumes for discretionary items are softening but the volumes for essential household goods are holding up well. A positive revenue growth in this environment demonstrates the resilience of our diversified business model.??
He continued: "We are prudently trimming capital expenditures and the entire Cargojet team is diligently working on identifying every cost saving opportunity.

"As we further sharpen our operating model, we are squarely focused on strengthening our relationships with strategic customers by meeting their changing needs and delivering the industry best on-time performance.??
Earlier this year, Cargojet also reported year on year declines in its second-quarter financial results. The company's second-quarter revenues declined by 15 per cent year on year to CAD$209.7 million in the second quarter, attributed primarily to decreases in domestic network revenues, all-in charter revenues, fuel surcharges and other pass-through revenues.

https://www.shippingazette.com/menu.asp?encode=eng