An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

Air Canada says it lost $1.05 billion in its first quarter compared with a profit of $345 million in the same quarter last year as governments imposed travel restrictions around the world due to the COVID-19 pandemic.

The airline says the loss amounted to $4.00 per diluted share for the quarter compared with a profit of $1.26 per diluted share in the first quarter of 2019.

Operating revenue fell to $3.72 billion compared with $4.43 billion in the year ago quarter.

On an adjusted basis, Air Canada says it lost $392 million or $1.49 per diluted share in the first quarter of this year compared with an adjusted profit of $17 million or six cents per diluted share in first three months of 2019.

The airline has reduced its second quarter capacity by 85 to 90 per cent when compared with the same quarter last year, while its third quarter capacity is expected to be reduced by about 75 per cent compared with a year earlier.

Air Canada is also accelerating the retirement of 79 older aircraft in a move that it says will simplify the airline’s fleet, reduce costs structure and lower its carbon footprint.

READ MORE: WestJet joins Air Canada in hoping to qualify for wage subsidy to bring workers back

READ MORE: Air Canada and others suspend flights until June as sector slammed by COVID-19

The Canadian Press


Like us on Facebook and follow us on Twitter.

Air CanadaAir TravelCoronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Sooke Bluffs staircase closed due to rot

District to consider replacement for ‘high risk’ staircase in fall

Greater Victoria non-profit advocates for the use of psilocybin for terminal patients

North Saanich psychotherapist pushes for alternative treatment

Sooke minor hockey set to get kids on ice by mid-September

President says re-opening dependent on SEAPARC installing ice in time

Victoria woman to sell masks on wheels after garage stand shut down

Mama’s Masks stand accompanied Moss Street Market

Gathering marks 10 years since nearly 500 asylum-seekers landed off Victoria shore

The 492 people fleeing violence, war crimes and genocide in Sri Lanka were detained for months

578 British Columbians currently infected with COVID-19

Seventy-eight new cases confirmed in past 24 hours

Captive fawn seized from Island home

Valley resident charged and fined under the Wildlife Act

Pandemic could be driving more parents to get on board with flu shot: study

University of B.C. study gauges willingness for parents to vaccinate children for influenza

Watchdog clears Okanagan RCMP in death of man after arrest over alleged stolen pizzas

The man died in hospital after having difficulty breathing and broken ribs

Have you seen Berleen? B.C. pig destined for sanctuary goes missing

Berleen was less than two weeks from travelling to Manitoba when she vanished

Health Canada says several kids hospitalized after eating edible pot products

People warned not to store cannabis products where children can find them

‘It’s not just about me’: McKenna cites need to protect politicians from threats

Police investigation was launched after someone yelled obscenities at a member of McKenna’s staff

Michigan plans dedicated road lanes for autonomous vehicles

First study of its kind in the U.S. to figure out whether existing lanes or shoulders could be used

Greater Victoria Crime Stoppers wanted list for the week of Aug. 11

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Most Read