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Air Canada reports Q2 loss, posts a nearly five fold jump in revenue


August 2, 2022  By The Canadian Press

Air Canada's first Airbus A220-300 was delivered at the start of 2020. (Photo: Airbus)

MONTREAL — Air Canada reported a second-quarter loss of $386 million compared with a loss of $1.17 billion a year earlier, and says it saw a nearly five-fold increase in revenue.

The airline says its loss for the three months ended June 30 totalled $1.60 per diluted share, compared with a loss of $3.31 per diluted share in the second quarter of 2021.

Revenue totalled $3.98 billion, compared with $837 million during the same time last year.

Air Canada says its second-quarter cost per available seat mile decreased to 20.8 cents from 49.3 cents a year earlier, while its adjusted cost per available seat mile was 13.1 cents, compared with 41.5 cents in the second quarter of 2022.

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Air Canada CEO Michael Rousseau says while the global airline industry is facing “unprecedented conditions as it emerges from pandemic-related restrictions,” the situation is “particularly challenging in Canada.”

He also says that despite “meticulous planning and projecting,” there remains a significant amount of pressure in restarting, but says he is “encouraged by recent improvements.”

News from © Canadian Press Enterprises Inc., 2021

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