Published: Sept. 14, 2023 at 7:36 a.m. ET
By Robb M. Stewart
Transat A.T. logged its first profit since the end of 2019 in the latest quarter as the airline and tour operator’s sales rebounded from the sharp drop in demand and massive booking cancellations that followed the emergence of the Omicron variant of Covid-19.
The airline and tour operator on Thursday reported third-quarter…
By Robb M. Stewart
Transat A.T. logged its first profit since the end of 2019 in the latest quarter as the airline and tour operator’s sales rebounded from the sharp drop in demand and massive booking cancellations that followed the emergence of the Omicron variant of Covid-19.
The airline and tour operator on Thursday reported third-quarter revenue of 746.3 million Canadian dollars ($550.8 million), up 47% from a year earlier and ahead of the C$732.2 million mean forecast of five analysts polled by FactSet.
The company swung to net income of C$57.3 million, or C$1.49 a share, for the three months ended July 31 from a loss last year of C$106.5 million, or C$2.82 a share. On an adjusted basis, Transat logged per-share earnings of C$1.10.
Transat said its revenue for the latest quarter was 6.8% ahead of 2019 levels despite capacity being 14% lower, as strong demand for leisure travel produced yields 29% above those of 2019.
Write to Robb M. Stewart at [email protected]
