Cargojet’s (CJT) fourth-quarter profit fell 98% from a year earlier to less than $3 million.
The Canadian cargo airline that is based in Mississauga, Ontario reported that it earned $2.6 million or $0.15 per share for the quarter ended December 31, 2022.
The latest result was down 98% from a profit of $102 million or $5.70 per share in the fourth quarter of 2021.
Revenue in Q4 totalled $267 million, up 13% from $235.9 million a year earlier.
This past January, Cargojet signed an agreement to extend its work transporting freight for Canada Post and its courier service Purolator until September 30, 2029.
Cargojet’s stock has decreased 27% over the last 12 months to trade at $111.50 per share. The stock dropped 11% on news of the latest financial results.
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