The travel company posted a loss of 76 cents a share in the quarter ended April 30, compared with a loss of $2.60 a share in the same period a year earlier
Stronger demand for travel and higher ticket prices helped Air Transat’s parent company narrow its loss in the second quarter.lost $29-million, or 76 cents a share, in the three months ending on April 30, compared with a loss of $98-million in the same period of 2022, the Montreal-based airline and tour operator said on Thursday morning.
Revenue more than doubled to $870-million, and the amount of cash or its equivalent rose to $624-million from $511-million, compared with a year ago, Transat said. Customer deposits for future travel reached $867-million, an increase of 38 per cent from pre-pandemic levels on April 30, 2019. Transat said this reflects “the rebound in demand and higher average selling prices.”
Compared with the same period in 2019, ticket prices rose by 15 per cent in the beginning of the quarter and by 24 per cent at the end. For the summer, Transat said it is offering 89 per cent of 2019′s seat capacity, and more than 60 per cent of this is sold. “The combination of strong demand and upward pricing will allow the corporation to cope with a cost environment that remains generally higher and volatile,” said Transat, which raised its financial targets for the year.Follow
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