Air Canada: first positive operating margin since the start of the pandemic

Air Canada posted its first positive quarterly operating margin since the start of the pandemic and further reduced its net loss from the third quarter of 2021.

Air Canada: first positive operating margin since the start of the pandemic

Air Canada posted its first positive quarterly operating margin since the start of the pandemic and further reduced its net loss from the third quarter of 2021.

“We recorded an operating profit of $644 million, as well as a strong operating margin of 12.1%. This is the first quarter since the start of the pandemic where we have recorded a positive operating profit,” said Michael Rousseau, president and chief executive officer of Air Canada, in a press release on Friday.

Air Canada recorded a net loss of $508 million in the second quarter of 2022, or $1.42 per diluted share, compared to a loss of $640 million, or $1.79 per diluted share, in the corresponding quarter last year. last year.

In the first quarter of 2022, the airline reported a net loss of $974 million, or $2.72 per diluted share. In the second quarter, the company posted a net loss of $386 million, or $1.60 per diluted share.

“Thanks to the hard work of our employees and their commitment, after the difficult months of June and July, we saw a significant improvement in our activities in August and September, with operations now at the same level as 'before the pandemic,' added Rousseau.

The company has returned to flight cancellations and delays this summer. Overwhelmed by the frantic recovery of air traffic, Air Canada had to resolve to cut its number of flights offered in July and August.

“We are well aware that many customers have been affected by disruptions while traveling this summer, and we sincerely regret the inconvenience caused,” the company said.

During the third quarter, Air Canada says it carried more than 11.5 million customers, which is almost 6 million more than in the third quarter of 2021.

Air Canada, which celebrates its 85th anniversary this quarter, announced on Wednesday to increase the capacity of its fleet by 15 additional Airbus A220s, bringing its total order for these aircraft to 60.

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