On Friday,
Air Canada (TSX: AC) released its Q2 2020 financial results and reported that its total revenue declined 89% due to COVID-19 and government-imposed travel restrictions.
The airline recorded a net loss of $1.752 billion, or $6.44 per diluted share, compared to net income of $343 million or $1.26 per diluted share in the second quarter of 2019. There was also an operating loss of $1.5 billion. At June 30, 2020, net debt of $4.564 billion increased $1.723 billion from December 31, 2019 Net cash flows used in operating activities of $1.251 billion deteriorated by $2.341 billion from the same quarter in 2019 on lower operating results and lower cash from working capital as a result of lower advance ticket sales, reflecting the severe impact of the COVID-19 pandemic.
"As with many other major airlines worldwide, Air Canada's second quarter results confirm the devastating and unprecedented effects of the COVID-19 pandemic and government-imposed travel and border restrictions and quarantine requirements. Canada's federal and inter-provincial restrictions have been among the most severe in the world, effectively shutting down most commercial aviation in our country, which, together with otherwise fragile demand, resulted in Air Canada carrying less than four per cent of the passengers carried during last year's second quarter.” - Calin Rovinescu, President and Chief Executive Officer of Air Canada.
You can find Air Canada’s full Q2 results
here.
Investors can learn more when AC holds its quarterly analysts' call on Friday, July 31st, 2020 at 08:30 am eastern time.