Cargojet Income Fund, Canada's main domestic cargo carrier, says softening demand for its services have forced it to embark on a cost-cutting program that includes
lower salaries for executives and frozen wages for employees. High fuel prices and reduced shipments mean that the company must become leaner, Cargojet president Ajay Virmani and other executives said in a memo to staff. Cargojet, which slashed its monthly distributions in July to 6.75 cents a unit from 9.64 cents, has temporarily banned business travel and halted discretionary spending on entertainment for customers and employees. The trust will also be limiting expenses for cellphones and mobile devices. CJT.UN (TSX) rose 10 cents to $4.45.
globeandmail.com: Cargojet cuts costs as demand slows