Cargojet CEO Ajay Virmani is forecasting a rebound in the e-commerce world, as he hopes his company’s partnership with Amazon brings revenue back up.

The cargo airline reported net income of $31.1 million for its latest quarter, a significant drop from the $160.9 million a year ago.

Still, Virmani expects a bounce back in the second half of 2023, as he sees a rebound in the e-commerce business and sales for Amazon picking back up following a post-pandemic lull.

“What we’re seeing now is the demand for e-commerce is coming back,” he told BNN Bloomberg Monday.

Virmani said his company benefitted from a boom in online shopping during the pandemic, but have seen sales die down as people returned in-person.

“We were living in a demand during the COVID-19 years when everything was urgent, everything needed to be shipped urgently,” Virmani said. “We all knew this wasn’t going to stay forever and once the COVID-19 was gone, people wanted to travel a little bit more.”

Still, Virmani sees the online shopping trend slowly turning back around.

“We did see a little bit less demand in the first six months of this year, but now it’s all coming back to a level where’s it’s not going to be as low as it was in 2019 and it’s not going to be as high as it was in the last couple of years,” he said.