Canadian air cargo company Cargojet (CJT) has announced plans to cut costs after reporting second-quarter net income, or profit, of $31.1 million, which was down 80% from $160.9 million a year earlier.
Specifically, the company that provides air cargo services and has a fleet of 40 aircraft, said it is shifting its focus to cost management and rightsizing its network.
Cargojet said its net income equated to a profit of $1.68 per share for the quarter ended June 30, down from $8.20 a share in the same quarter of 2022.
The company’s Q2 revenue totaled $209.7 million, down 15% from $246.7 million a year earlier.
Cargojet executives said the cost reductions are in the early stages of implementation and would be reflected in the company's third quarter results later this year.
Cargojet's stock has declined 34% over the past 12 months to trade at $100.22 per share.
