Air Canada has reported a surge in profitability for the third quarter, surpassing analyst expectations. The airline attributes this success to strong travel demand, despite concerns about the economy and higher interest rates.
Despite concerns about the economy and the impact of higher interest rates, Air Canada said on Monday that travel demand remains strong as the airline reported a surge in profitability. "We see relatively strong demand for in almost every single geography that we operate in, in almost every single segment that we operate in," Mark Galardo, Air Canada 's executive vice-president of network planning and revenue management, said on a conference call with analysts on Monday.
Airlines around the world are facing rising cost pressures due in part to higher labour costs. Air Canada is in the midst of negotiating a new contract with the Air Canada Pilots Association , and while chief executive Michael Rousseau did not provide an update on the talks, he says WestJet's deal reached with its pilots was in "our range of expectations."
"Like most airlines, we continue to face challenges," Rousseau said, but that the airline's adaptability over the last nine months "combined with the continuing stable demand environment give us every assurance for the rest of the year and into 2024."Shakedown or smart business? Quebec restaurants balk at hefty penalty for using competitor's payment machines
'The whole banking sector is uninvestable': Famed 'Big Short' investor warns of mounting challenges for banks. Here's what he's betting on insteadAlimentation Couche-Tard is one of the proven stocks that could surge through a recession year. The post 1 Proven Stock to Make Money in a Recession Year appeared first on The Motley Fool Canada.Concerns about the deficit have fueled the Treasury-bond market meltdown of the past few weeks.
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