Air Canada upbeat at yesterdays Company's webcast 022-03-29 07:40 ET - In the News
The Globe and Mail reports in its Tuesday edition that Air Canada's top executive sounded an optimistic note in a speech to shareholders Monday, even as the war in Ukraine and soaring fuel prices dampen the industry's outlook. The Globe's Ian Atkins quotes Michael Rousseau, chief executive officer of Air Canada, saying that the airline plans to operate at 90 per cent of its prepandemic capacity this summer, restoring routes cut during the pandemic and flying to 33 international destinations. Mr. Rousseau, speaking at the company's webcast annual meeting of shareholders, pointed to rising revenue, reduced expenses, and $10.4-billion in cash and other liquid assets. "It is apparent the recovery is accelerating," he said. Operating revenue rose to $2.7-billion in the fourth quarter of 2021 -- a threefold increase over the same period of 2020. The airline's overall expenses for 2021 fell $160-million even as fuel costs rose 20 per cent. Still, Air Canada lost $3.6-billion in 2021 and $4.6-billion in 2020 as the pandemic halted most air travel. By way of comparison, its profit was $1.4-billion in 2019. Russia's invasion of Ukraine has dampened demand for air travel and driven jet fuel prices to levels not seen since 2008.