Air Canada CEO Michael Rousseau says the carrier’s improved financial performance reflects ‘solid demand’ and cost controls
underscored the financial toll of the pandemic on Friday, posting a $1.7-billion loss for 2022, almost three years after COVID-19 roiled the aviation sector.
For the three months ending Dec. 31, a period that included the chaotic Christmas travel season, Air Canada reported a profit of $168-million , compared to a loss of $493-million in the fourth quarter of 2021. Air Canada recorded a foreign exchange gain of $316-million in the fourth quarter of 2022, and a currency loss of $732-million for the full year of 2022.
“These results also validate our strategy of diversifying our revenue sources,” he said. “Revenue from our premium cabins was about 13 per cent higher, supported in part by Aeroplan. The loyalty program’s active membership is at an all-time high and continues to grow, and Air Canada Cargo revenue was up 55 per cent compared to the same quarter pre-pandemic.”
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