MISSISSAUGA, Ont. - Cargojet Income Fund (TSX:CJT.UN) saw its first-quarter revenue grow by 38.5 per cent but earnings before interest, taxes, depreciation and amortization dropped 9.8 per cent as costs surged.
The overnight air freight carrier reported Tuesday that January-March revenues were $46.8 million, up from $33.8 million in the comparable period last year.
EBITDA declined 9.8 per cent to $3.7 million despite surcharges to combat rising fuel costs, as direct expenses swelled 56.7 per cent to $39.5 million.
"Although EBITDA margins are lower in the quarter from historical levels, we are confident the investment related to the start-up and transition for the planned introduction of new aircraft, further development of our regional business and the new ACMI (aircraft crew, maintenance and insurance) routes provide opportunities for the fund," said president and chief executive Ajay Virmani.
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