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Air Canada reports Q2 loss, posts a nearly 5-fold jump in revenue

Revenue totalled $3.98 billion
An Air Canada jet takes off from Trudeau Airport in Montreal, Thursday, June 30, 2022. THE CANADIAN PRESS/Graham Hughes

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.

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.”

Companies in this story: (TSX:AC)

The Canadian Press

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