MISSISSAUGA – Cargojet Inc. is reporting a 70 per cent drop in profits amid a cross-border trade war that has upended shipping and supply chains.

The air freight company says net earnings fell to $8.8 million in its latest quarter from $29.7 million a year earlier.

Cargojet says revenues decreased to $219.9 million from $245.6 million due to “macroeconomic headwinds,” and despite a boost in domestic traffic.

On an adjusted basis, earnings dropped to 32 cents per share for the quarter, from $1.48 per share, far below analysts’ expectations of 96 cents per share, according to financial markets firm LSEG Data & Analytics.

Cargojet’s business hinges on air delivery of e-commerce goods on its fleet of 41 planes.

The company deploys them on its domestic network, on ad hoc charter flights an

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