Cargojet touts reliability amid airport chaos as shippers flee passenger plane routes
BNN Bloomberg
Cargojet reported high-flying revenues in its latest quarter despite falling e-commerce demand, as the air cargo outfit seized on the mess of delays plaguing passenger airlines — which also carry freight onboard — to shore up its business.
The company, which provides time-sensitive overnight air freight services as well as aircraft leases, garnered year-over-year revenue growth of 43 per cent year-over-year revenue growth in the quarter ended June 30.
CEO Ajay Virmani said turmoil at airports across the globe has left the runway open for dedicated air freight companies to pick up the cargo slack left by large passenger airlines, which are scrambling to focus their resources on travellers amid a staffing shortage.
"The cargo business is just an orphan at the present time with these kinds of carriers," Virmani told investors on a conference call Wednesday. "We do not have any other distractions."
