Cargojet's profits dive in fourth quarter

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CARGOJET Inc has recorded a 52.2 per cent drop in its fourth quarter 2011 profits, which shrank to US$3.2 million compared to the same period a year earlier on the back of falling volumes in its overnight cargo services.

On the other hand, a report by The Canadian Press said that Q4 revenue held steady at $42.9 million.

"The industry experienced an unexpected decline in domestic volumes during the quarter and last half of the year," president and CEO Ajay Virmani was quoted as saying.

"Combined with previously granted customer pricing discounts, this resulted in a significant impact on Cargojet's yields."

According to Mr Virmani the company plans to implement cost-cutting measures and pricing changes to increase operating margins.

Source Shipping Gazette - Daily Shipping News
 

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