Cargojet has reported total revenues for the quarter of $160.3 million compared to first quarter 2020 Revenues of $123.0 million. Gross Margin for the quarter was $45.3 million compared to first quarter 2020 Gross Margin of $32.2 million. Adjusted EBITDA and Adjusted EBITDAR for the quarter were $64.2 million compared to the first quarter 2020 Adjusted EBITDA and Adjusted EBITDAR of $44.6 million.
“With a fundamental shift in consumer shopping habits in several key categories, Cargojet has spent the last few quarters laying the foundation to capture the next phase of e-Commerce growth. We strengthened our balance sheet, invested in fleet expansion, broadened our portfolio of services and are investing in attracting and retaining top talent.” said Dr. Ajay Virmani, President & CEO.
“With shifting supply chains, triggered by a significant reset of the international passenger routes, we also see opportunities to expand and diversify on select international lanes. We also continue to focus on growing our ACMI and Charter business as cargo capacity remains in high demand and we are constantly adapting to maintain our leadership position,”said Dr. Virmani.