Unfortunately, its costs — much of it linked to increased to the price of fuel — rose by 84 per cent, from $25.1 million to $46.3 million.
As a result, overall earnings in the quarter dropped to $1.1 million from $5.4 million for the comparable period in 2007.
"Delays with the acceptance and introduction of our new Boeing 757-200ER
and two Boeing 767-200ER freighters have impacted our financial results for the second quarter of 2008,"said Ajay Virmani, president and CEO of Cargojet.
"Rising fuel costs have also lowered our growth expectations for the balance of this year," Virmani said in a press release today. "Despite recent financial and economic trends we remain positive about our business model and our recent investment in the new aircraft. We will remain focused on being the best overnight air cargo service provider in North America by consistently delivering our customers with a reliable, cost effective and value added solution to their time sensitive air cargo needs."
jstewart@mississauga.net
