Mississauga, ON — Cargojet Inc. announced financial results for the quarter ended September 30, 2017.
For the Quarter Ended September 30, 2017:
Total Revenues were $89.4 million, an increase of $8.7 million or 10.8% versus the previous year
Gross Margin was $24.7 million, an increase of $3.9 million or 18.8% versus the previous year
Adjusted EBITDA was $25.4 million, an increase of $0.1 million or 0.4% versus the previous year
Adjusted EBITDAR was $28.2 million, a decrease of $1.2 million or 4.1% versus the previous year
“We are very pleased with the financial and operating results produced during the Quarter,” said Ajay Virmani, President and Chief Executive Officer. “The significant increase in revenues and gross margin over the previous year was the result of the successful execution of our strategy to improve the utilization of our aircraft assets and to maximize margins. We continue to prudently manage our operating costs and look for further route network optimization opportunities,” added Mr. Virmani