NVDA gained a massive 197% since our AI first added it in November - is it time to sell? 🤔Read more

Cargojet reports C$30.5M profit and lower revenue for 1Q

Published 2023-05-01, 10:51 a/m
© Reuters Cargojet reports C$30.5M profit and lower revenue for 1Q
GSPTSE
-
CJT
-

Proactive Investors - Cargojet (TSX:TSX:CJT) has reported a year-over-year drop in revenue for the first quarter as the Mississauga, Ontario-based air cargo company was impacted by softening industry trends during the period.

Revenue for the quarter was C$231.9 million, down from C$233.6 million in the year-ago quarter.

The company’s profit was C$30.5 million, compared to a net loss of C$56.4 million in 2022.

Cargojet (TSX:CJT) CEO Dr Ajay Virmani said that the company was not immune to softening industry trends as well as macro factors of slower economic growth, higher interest rates, and persistent inflation.

“Despite the current softer economic conditions, the long-term macro trends that drive our business remain firmly intact,” Dr Virmani said in a statement.

“Ecommerce, continued demise of shopping malls, further pressure on business district shopping stores driven by remote work and passenger airlines shifting to narrow body aircraft, will continue to lead to increased air-cargo volumes.”

Cargojet shares had edged lower following the release of its results, down 1.2% at US$74.46.

Read more on Proactive Investors CA

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.