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Air T revenue down 15pc but profit surges 21 pc to new high
POSTED: 9:48 a.m. EDT, June 19,2007
Overnight air freight service provider Air T announced that net earnings in fiscal year ending March 31 reached a record US$2.49 million, 21 per cent up on FY2006 net profit of $2.06 million.
A company statement said operating revenues in the fiscal year plunged 15 per cent from $79.53 million last year to $67.30 million.
The statement explained that revenues decreased $12.23 million due to a $4,87 million decrease in ground equipment revenues and a $7.36 million fall in air cargo revenues.
Air T's Global Ground Support subsidiary (Global) reported a decline in sales in FY2007, because of a drop in international orders. Global's backlog was $16.8 million at the end of FY2007, compared to $10.8 million in the previous year.
Said Air T chief executive Walter Clark: "We are proud to present these record earnings. While Global reported a decline in sales in fiscal 2007, it was able to increase margins due to product mix.
"At our air cargo operations, we continue with our cost reduction programme, and focus on getting air cargo staffing right-sized, following the aircraft modernisation programme." |
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