05:23 PM EDT, 08/13/2024 (MT Newswires) -- Cargojet ( CGJTF ) on Tuesday said it swung to an unexpected second-quarter adjusted loss on higher costs.

The airfreight carrier said its loss excluding items was $0.8 million, or $0.05 per share, in the period, compared with an adjusted profit of $15.8 million, or $0.91, in the year-prior quarter. The result lagged the consensus analyst estimate for a profit of $1.03 per share, according to Capital IQ.

The company said its direct expenses rose 11% to $185.7 million from $167.2 million

Revenue also rose 11% to $236.2 million from $212.9 million.

"While geo-political challenges and broader economic headwinds continue to affect the overall transportation industry, we remain focused on continuing to grow our Domestic, ACMI and All-in Charter revenue," co-chief executive Jamie Porteous said in a release.

The company's shares closed up 3.00 to $120.95 on the Toronto Stock Exchange.