Air Transat aircraft are seen on the tarmac at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. Transat AT Inc. reported a $56.6-million loss in its latest quarter compared with a loss of $114.3 million a year earlier as its revenue more than tripled. THE CANADIAN PRESS/Paul Chiasson
MONTREAL – Transat AT Inc. reported a $56.6-million loss in its latest quarter compared with a loss of $114.3 million a year earlier as its revenue more than tripled.
Transat chief executive Annick Guérard says the company is on an upswing and is headed for a return to profitability.
The travel company says the loss amounted to $1.49 per diluted share for the quarter ended Jan. 31. compared with a loss of $3.03 per diluted share a year earlier.
Revenue in what was the first-quarter of the company’s 2023 financial year totalled $667.5 million, up from $202.4 million a year earlier when the company had to scrub nearly 30 per cent of its scheduled flights as a result of booking cancellations following the emergence of the Omicron variant.
On an adjusted basis, Transat says it lost $1.62 per share in the quarter compared with an adjusted loss of $2.53 per share in its first quarter last year.
Analysts on average had expected a loss of $2.02 per share and $662.5 million in revenue, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published March 9, 2023.
Companies in this story: (TSX:TRZ)
