Transat posts $4.5 million loss in Q4
Dec. 15, 2011, Montreal - Transat A.T. Inc. slid to a loss in the fourth quarter, pulled down by restructuring costs.
December 15, 2011 By The Canadian Press
The tour operator posted a $4.5 million loss in the fourth quarter, or 12 cents per share, that compares to a profit of $52.4 million, or $1.37 per share the previous year.
The results were affected by a $16.5 million restructuring charge booked in three months ended Oct. 31.
Revenues increased to $809.9 million from $778.6 million.
The Montreal-based company has been developing a new cost-cutting plan as it focuses on returning to profitability despite its expectations for a challenging 2012.
"We have started implementing an action plan aimed at returning to profitability and resume growth," said president and CEO Jean-Marc Eustache in a release.
Transat A.T. is an integrated international tour operator that offers package holidays to more than 60 countries but operates mainly in Europe, the Caribbean, Mexico and the Mediterranean Basin. It also operates Air Transat.