June 18th, 2024

Travel company Transat A.T. reports Q2 loss, revenue up from nearly 12% from year ago

By The Canadian Press on June 6, 2024.

People look on as an Air Transat plane takes off in Montreal, Sunday, June 11, 2023. THE CANADIAN PRESS/Graham Hughes

MONTREAL – Transat A.T. Inc. reported a loss of $54.4 million in its latest quarter as its revenue rose nearly 12 per cent compared with a year ago.

The travel company says the loss for the quarter ended April 30 amounted to $1.40 per diluted share, compared with a loss of $29.2 million or 76 cents per diluted share a year earlier.

Revenue for what was the company’s second quarter totalled $973.2 million, up from $870.1 million in the same quarter last year.

The parent company of Air Transat says the increase reflected sustained demand driven by a 12 per cent increase in traffic expressed in revenue-passenger-miles.

However, the company says it also faced intensified competition, inefficiencies resulting from an issue with the Pratt & Whitney GTF2 engine used by its aircraft, consequences of union strike threats and an economic slowdown.

On an adjusted basis, Transat says it lost $1.02 per share in its latest quarter compared with an adjusted loss of 21 cents per share a year earlier.

This report by The Canadian Press was first published June 6, 2024.

Companies in this story: (TSX:TRZ)

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