Cargojet Income Fund's quarterly profit plunged 72 percent on higher costs, sending units of the air cargo service provider down as much as 15 percent.

The continued impact of lower customer demand, pricing pressures affecting its core overnight network and a strong Canadian dollar hurt results, the company said.

For the first quarter ended March 31, the fund reported net earnings of C$338,000, or 5 Canadian cents a share, down from C$1.2 million, or 18 Canadian cents a share, a year ago.

Total revenue rose marginally to C$42.6 million ($40.9 million) from C$42.2 million last year.

Direct expenses increased 9.3 percent to C$35.1 million for the quarter, hurt by increased maintenance costs. (Reuters)