Despite the confirmed recovery, Air Transat recorded a net loss of $98.3 million in the second quarter of 2022, compared to $69.6 million in the corresponding quarter of 2021.
The net loss attributable to shareholders therefore represents a decline from $1.84 to $2.60 per diluted share, while the operating loss fell from $86.4 million in the second quarter of 2021 to $87.5 million for the second quarter of the current year.
However, the Quebec tour operator's revenues jumped to $358.1 million for the quarter ended April 30, from just $7.5 million a year earlier.
“When the effect of Omicron wore off in late February, operations and sales resumed vigorously. This enabled us to achieve a very encouraging end to the quarter (...). We see a strong recovery and we continue to put in place all the necessary measures to take advantage of it,” said Annick Guérard, President and Chief Executive Officer of Transat, in a press release.
She estimates that without the steep rise in fuel prices, the company's adjusted operating income would have been positive in April. “We have set up a fuel hedging program to protect us from significant upward movements during the summer,” said Ms. Guérard.
According to her, sales are continuing “very satisfactorily for the summer”.