Air Canada posts quarterly profit versus year-ago loss
2023.08.11 06:35
© Reuters. An Air Canada airplane is towed along a runway at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS/Carlos Osorio
(Reuters) – Air Canada reported a quarterly profit on Friday compared with a year-ago loss as Canada’s largest airline cashed in on strong international travel demand.
A rush by North American travelers to make up for lost time during the pandemic has bolstered earnings for legacy carriers, with international destinations enjoying especially high demand.
Canada, which lifted all COVID-related restrictions last year, has seen a strong rebound in international leisure and corporate travel.
The carrier posted a net profit of C$838 million ($622.77 million), or C$2.34 per share, for the quarter ended June 30, compared with a net loss of C$386 million, or C$1.60 per share, a year earlier.
Profits have also benefited from a roughly 30% drop in jet fuel prices.
The Canadian company’s quarterly operating revenue rose 36% to C$5.43 billion.
($1 = 1.3456 Canadian dollars)
