Canadian cargo airline Cargojet reported a 23 percent increase in revenue at C$233 million ($172 million) for Q32022 on strong contribution from the domestic network, up 21 percent, and Aircraft, Crew, Maintenance and Insurance (ACMI), up 47 percent, compared to Q32021.
Net income for the quarter was C$83 million ($62 million) compared to net loss of C$13 million ($10 million) in 2021, says an official release.
“Over the past several years, Cargojet has evolved its business model that is increasingly based on strategic partnerships rather than transactional relationships with its customers,” says Ajay Virmani, President and CEO, Cargojet. “By aligning our long-term commercial interests, we expect greater endurance of volumes with our strategic customers even if global volumes soften during a recessionary period.
“The continued global increase in e-commerce demand has produced strong growth in our domestic and ACMI business segments during the quarter. We continue to monitor various macro risks including a potential recession, which may have an impact on consumer spending. As such, Cargojet continues to carefully manage its strategy to match the capacity required with actual customer demand.”
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