or
Remember me
Back
The Globe and Mail reports in its Friday edition that Transat AT on Thursday said it had swung to a profit in the third quarter, buoyed by debt restructuring and higher airfares. The Globe's Eric Atkins writes that the Montreal airline posted a profit of $399.8-million, or $9.97 a share, compared with a loss of $39-million ($1.03) in the same period last year. Much of the profit was the result of a one-time gain of $345-million in debt restructuring. For the three months ended July 31, Transat's revenue rose 4 per cent year-over-year to $766-million as traffic increased by 1 per cent. Cash-flow burn was reduced to $122-million from $168-million. Chief executive officer Annick Gurard attributed the better results to improved revenues and fuel costs coupled with control of expenses. Transat was a recipient of government bailouts in the pandemic, when disease and travel restrictions halted most air travel. The airline's long-term debt and deferred government grant balance was $383-million in the quarter, compared with $801-million a year ago. Transat said it renegotiated its credit facility, restructured its debt and repaid the full $41-million owed under one program. Its shares closed Thursday at $2.87, down 35 cents.
© 2025 Canjex Publishing Ltd. All rights reserved.
