Post by
pjn0987654321 on Oct 28, 2022 8:56am
Air Canada revenue more than doubles on strong travel demand
(Reuters) -Air Canada said on Friday its quarterly revenue more than doubled as it flew more people helped by strong summer travel demand, but the carrier faces operational headaches and high jet fuel prices.
Canada, which dropped all COVID restrictions for travelers at the beginning of this month, has seen a strong rebound in travel as most countries have dropped such restrictions for travelers.
But the surge in demand, coupled with staffing shortfalls at airports left travelers wrestling this summer with long lines and delayed flights.
The country's largest carrier posted a revenue of C$5.32 billion in the third quarter, compared with C$2.10 billion during the same period a year earlier.
Net loss for the quarter narrowed to C$508 million versus a net loss of C$640 million a year earlier.
Comment by
Mephistopheles3 on Oct 28, 2022 9:23am
One interesting thing in the AC results as well was that their forecast for Q4 travel is still quite strong. They gave guidance that they will be operating at 85% of pre-pandemic levels. The whole industry looks to be doing quite well and rebounding from the pandemic - looking forward for CHR's next earnings release.