Here are five things you need to know this morning.
Air Canada. Air Canada reported a 47 per cent drop in quarterly profits in the second quarter, as more competition and softening demand combined to hit margins.. That’s an increase of two per cent from last year’s level. But adjusted profits came in at 98 cents per shares. That’s almost half the $1.85 seen last year. Air Canada’s numbers are in keeping with what we’ve seen out of U.S. airlines in recent weeks, where carriers have been discounting fares to deal with excess capacity.
. Revenue grew 21 per cent to US$2.05 billion, above the $2 billion Bay Street was looking for. And profit came in at 26 cents per share, better than the 20 cents that analysts were expecting. The company forecasts that revenue growth for the current quarter will be in the low to mid-twenties. That’s in line with the 21 per cent consensus expectation. The company trades on the TSX and in New York, where the U.S.-listed shares were up by as much as 14 per cent at one point this morning premarket.
in a bid to rein in the cost of preserving the site, and up pressure on the local government to get things moving again. The company will reduce “extraordinary hours” available to workers and end activity on Sundays starting next weekend, according to a union statement. Since the start of the year, the company has spent US$115 million on care and maintenance at the site that was ordered closed late last year by a now-ousted Panamanian government.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Daily Chase: Air Canada hit with $100M court ruling for ex-workersHere are five things you need to know this morning.
Read more »
The Daily Chase: TSX’s turn to catch up to Monday’s selloffHere are five things you need to know this morning.
Read more »
The Daily Chase: Markets selling off, 72-cent loonie is back on the tableHere are five things you need to know this morning.
Read more »
The Daily Chase: Meta earnings tee up Apple and Amazon after the bellHere are five things you need to know this morning.
Read more »
The Daily Chase: Decision day at the FedHere are five things you need to know this morning.
Read more »
The Daily Chase: Mining giants BHP and Lundin gobble up FiloHere are five things you need to know this morning.
Read more »