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Air Canada reports $508M Q3 loss, revenue more than doubles

MONTREAL — Air Canada reported a net loss of $508 million in its third quarter compared with a loss of $640 million in the same quarter last year as it ramped up operations and more than doubled its revenue.

The airline says the loss amounted to $1.42 per diluted share for the quarter ended Sept. 30 compared with a loss of $1.79 per diluted share a year earlier.

However, Air Canada chief executive Michael Rousseau says the airline’s operating income for the quarter was positive for the first time since the pandemic began.

The airline says it had $644 million in operating income for the quarter, compared with an operating loss of $364 million in the third quarter of 2021.

Revenue for the quarter totalled $5.32 billion, up from $2.10 billion in the third quarter of 2021.

Air Canada reported its capacity, measured as available seat miles, for the quarter was up 130 per cent compared with a year ago, while its traffic measured in revenue passenger miles was up 179.5 per cent compared with the third quarter of 2021.

News from © Canadian Press Enterprises Inc., 2021