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Cargojet posts loss on increased revenue

MISSISSAUGA, ON: Cargojet, Canada's time-sensitive cargo delivery airline, has reported a net loss of Can$2.2 million for Q3 2015 despite a 59.5 percent increase in revenue to Can$75.3 million year-on-year.

Revenue for the first nine months of 2015 was Can$204.5 million - up 51.2 percent from 2014 – and the net loss rose Can$12.1 million to Can$16.6 million for the period.

"We are very pleased with our financial and operating results during the quarter," said Ajay Virmani, president and CEO. "As we continue to adjust capacity to meet actual demand we are seeing the expected improvements in overall margins. Customer volumes, particularly those related to e-commerce shipping, continued to grow in the quarter as we approach the traditional peak shipping season." he added.

The company initiated a fleet expansion program early in 2014 to replace four of its B727-200s with B757-200ER aircraft due to increased customer demand on its core overnight network. Cargojet has also added B767-200/300 ER capacity and now operates 11 such aircraft following the award of a seven-year, Can$1 billion contract from Canada Post.

As a result, the company's expenses rose Can$63.3 million to Can$185.6 million for the first nine months of 2015 to support its 14-city overnight network throughout Canada operating primarily from Monday to Thursday with a reduced service on Friday.

Cargojet also operates a five-day per week service between Newark, NJ and Hamilton, Bermuda.

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