With bookings riding high, Air Canada posted a nearly fivefold revenue increase in its latest quarter, but continued to suffer net losses in the hundreds of millions due to a 'very challenging' three months, said CEO Michael Rousseau.
With bookings riding high, Air Canada posted a nearly fivefold revenue increase in its latest quarter, but continued to suffer net losses in the hundreds of millions due to a "very challenging" three months, said CEO Michael Rousseau.
Customer volume shot up to 9.1 million passengers in the quarter ended June 30, reaching 71 per cent of levels from the same period in 2019. Passenger revenue topped 80 per cent of 2019 levels, partly because higher fuel costs were passed on to passengers; the airline spent 45 per cent more on jet fuel for the quarter despite a flight schedule 20 per cent smaller than three years prior.
He said "we deeply regret" the disruptions passengers have endured, while chief operations officer Craig Landry offered an apology for the lack of "operational stability." As travellers flocked back to the tarmac — and faced nerve-fraying delays — the cost of covering their hotel stays, food vouchers and late luggage deliveries contributed to a heftier per-customer cost that surged past Air Canada's forecasts.
While leisure travel has come roaring back, corporate trips have been slower to return, climbing from 40 per cent of pre-pandemic volumes in March to more than 60 per cent by the end of June, Guillemette said. Fully vaccinated Americans could not cross the border for non-essential reasons until Aug. 9, 2021, a measure that was lifted for citizens of other countries four weeks later.
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