Cargojet reports profit down from year earlier

MISSISSAUGA, Ont. — Cargojet Inc. reported its fourth-quarter profit fell compared with a year earlier as its revenue rose by more than 10 per cent.

The air cargo company says it earned $2.6 million or 15 cents per diluted share for the quarter ended Dec. 31.

The result was down from a profit of $102.0 million or $5.70 per diluted share in the fourth quarter of 2021.

Revenue totalled $267.0 million, up from $235.9 million a year earlier.

On an adjusted basis, Cargojet says it earned a profit of 90 cents per share, down from an adjusted profit of $2.48 per share a year earlier.

The company signed a deal in January to extend its master services agreement with Canada Post Corp. and Purolator Inc. until Sept. 30, 2029.