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Transat AT reports $114.3M Q1 loss; Omicron surge hurt revenue growth

MONTREAL — Transat A.T. Inc. reported a loss in its first quarter as the Omicron surge in COVID-19 cases and travel restrictions put in place by Ottawa limited its revenue growth.

The travel company says its loss attributable to shareholders for the quarter ended Jan. 31 totalled $114.3 million or $3.03 per diluted share, compared with a loss of $60.5 million or $1.60 per diluted share a year earlier.

Revenue for the quarter amounted to $202.4 million, up from $41.9 million.

Transat says revenue growth was hurt by a sharp decline in demand and an increase in booking cancellations following the emergence of the Omicron variant.

The company says it cancelled nearly 30 per cent of its flights scheduled for January.

On an adjusted basis, Transat says it lost $2.53 per share for the quarter, compared with an adjusted loss of $2.89 per share for the same quarter a year earlier.

News from © Canadian Press Enterprises Inc., 2021