Cargojet Inc. announced financial results for the first quarter ended March 31, 2013. Total revenues of $40.7 million were recorded, representing an increase of $0.6 million or 1.5 per cent compared with the same quarter a year earlier.

Gross margins were $4.9 million, compared with $5.5 million during the year-ago period. A net loss of $407,500 was suffered, compared with a profit of $30,000 recorded during Q1 of 2012. Operating cash flow recorded during the quarter increased to $2.6 million from $2.0 million a year earlier.

“We are very pleased with the improvement in financial and operating results, as compared to the previous year, despite two fewer operating days in the quarter”, said Ajay K. Virmani, President and Chief Executive Officer. “We continue to see modest improvements in demand and volumes from all revenue sectors, although overall yields and pricing remain under pressure”. “We will continue to manage our cost prudently and gain efficiencies where available”, he concluded.

Cargojet is a Canadian provider of time sensitive overnight air cargo services and operates a network across North America as well as global air charters.