Transat A.T. Inc. reported a third-quarter loss that was smaller than a year ago as it said it is on track for a winter travel season that promises to match pre-pandemic levels.
“The recovery emerging at the end of the last quarter has been confirmed in recent months,” Transat CEO Annick Guerard said in a statement attached to the company’s earnings release.
She also said the pace of sales is currently very comparable to 2019.
The comments come as the travel company reported a net loss attributable to shareholders of $106.5 million or $2.82 per diluted share for the quarter ended July 31.
The result compared with a loss of $138.1 million or $3.66 per diluted share in the same period a year earlier.
Revenue for the quarter totalled $508.3 million, up from $12.5 million in its third quarter of 2021 when it had almost no operations.
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On an adjusted basis, Transat said it lost $3.20 per diluted share in its most recent quarter compared with an adjusted loss of $3.06 per diluted per share a year ago.
“Although the quarterly results are still affected by the costs of resuming operations, July was our first profitable month in more than two years, setting the stage for improved results,” Guerard said.
“The strong pricing this quarter also partially absorbed the increase in fuel costs, the adverse effect of which is likely to persist for some time.”
Transat said its current cash position, combined with new financing obtained during the quarter, gives it flexibility for the future.
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