Air Canada Has First Quarterly Positive Operating Income Since Pandemic Began
Advance ticket sales in third quarter at 95% of 2019 levels >>
by: Harvey Chipkin
Air Canada in the third quarter reported its first quarterly positive operating margin since the pandemic began. With operating revenues at $5.3 billion, more than double the third quarter of 2021, the carrier saw an operating margin of 12.1%. The airline did see a net loss of $508 million compared with a net loss of $640 million in the third quarter of 2021. Michael Rousseau, CEO, said the “solid” results stem from the ongoing restoration of the carrier’s extensive network, an improved operational performance, a modern and efficient fleet, “as well as leading products and services, and an incredible team of employees.” He said the airline is also encouraged by continuing strong demand, now further stimulated by the easing of COVID-related restrictions. Advance ticket sales in the quarter were 95% of third quarter 2019 levels. For the fourth quarter, Air Canada plans to increase its available seat miles (ASM) by about 60% from the same quarter in 2021, or about 85% of fourth quarter 2019 ASM capacity.
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