MISSISSAUGA, Ont. - Cargojet Income Fund (TSX:CJT.UN) reported Monday a full-year profit of $8.2 million or $1.28 cents per unit in 2009, reversing a year-earlier loss of $287,686 or four cents per unit.

The Mississauga-based company said it trimmed expenses, offseting lower revenues in the 12-month period ended Dec. 31.

Revenues narrowed to $166.2 million from $205.7 million. The full-year revenue included $43.5 million in the final quarter, down from $53.7 million in the comparable period in 2008.

The fund said its improved result for the year was helped by a 30 per cent dip in direct expenses.

"Lower revenues were more than offset with lower operating costs and dramatically improved margins," stated president and chief executive Ajay Virmani in a release.

"We remain cautious about the speed of recovery, the impact of continued weakening demand and pricing pressures facing ourselves and our customers as we move forward."

Cargojet transports air cargo across North America with a fleet of 40 all-cargo aircraft.

Units of the fund dipped a penny to $9.89 during midday trading Monday on the Toronto Stock Exchange.