Cargojet profits halved to US$4.1 million, but sales rise

CANADA's Cargojet posted profits of C$4 million for 2010 (US$4.12 million), down from C$8.2 million a year earlier, on higher revenues of C$156.2 million, up from C$143.6 million in 2009.


The overnight air cargo provider's fourth quarter profits shrunk to C$500,000, compared to C$3.8 million for the same period in 2009.


Weaker earnings were due to booking losses tied to the sale of its 55 per cent equity interest in a regional air freight business to minority owner SkyLink Express last July, reported The Canadian Press. The results also included a C$879,000 loss from discontinued operations.


The Toronto-area company, which converted from an income fund recently, saw its fourth quarter revenues increase to C$42.9 million from C$37.2 million a year earlier.


"We are benefiting from the full effect of cost controls implemented at the end of the second quarter, combined with significantly increased customer demand and the continued outstanding work of every (company) member," president and CEO Ajay Virmani said in a statement.
(Source:http://www.schednet.com)