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Air Canada posts smaller quarterly loss as travel demand improves -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: Air Canada aircraft are seen parked at Toronto Pearson Airport Mississauga Ontario Canada on April 28, 2021. REUTERS/Carlos Osorio/File Photo

(Reuters) –Air Canada posted a lower quarterly loss Tuesday due to Canada’s decision opening its borders to full-vaccinated travellers and increasing COVID-19 immunization rates. This drove reservations at Canada’s biggest carrier.

North American airlines reported positive results for the quarter, as more vaccinated passengers, many of whom haven’t seen their family in over a year take to flight.

Air Canada also saw a benefit from Canada’s opening of its borders. It generated net cash of C$153million ($123.34million) for the third quarter, as opposed to its previous expectation of net cash burn of between C$280 million-C$460 million.

Michael Rousseau (CEO) stated in a statement that “We are encouraged to see the favorable revenue and traffic trends during the third quarter.”

Air Canada posted a loss C$640million, or C$1.79 each share for the quarter. This compares with an increase of C$685million, or C$2.31 every share, one year ago.

From C$757 millions a year earlier, Operating Revenue grew to C$2.1billion.

($1 = 1.2405 Canadian dollars)

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