Transat: better results in the first quarter of 2023 than a year ago
Revenues were $667.5 million, up 465 million year-on-year.
The carrier reduced its operating loss in the first quarter of 2023 due to sustained demand for travel. (File photo)
Air Transat's first quarter 2023 results show a reduction in its net loss, which stood at 56.6 million, or $1.49 per diluted share, compared to $114.3 million, or $3.03 per diluted share, in the corresponding quarter of fiscal 2022 .
Adjusted net loss was also lowered from $95.3 million, or $2.53 per adjusted share, to $61.6 million, or $1.62 per share for the first quarter that ended. recently ended.
On the other hand, the Montreal-based tour operator reduced its operating loss in the first quarter of 2023: it amounted to 38.1 million dollars, while in the first quarter by 2022, it had been $73.8 million. The company explains that this $35.7 million improvement was fueled by demand which was sustained, but which was nevertheless slowed by a significant increase in the price of fuel, by 46%.
Adjusted operating income was $3.3 million, up $39.7 million from the first quarter of last year where an adjusted operating loss of $36.4 million was incurred.
Air Transat posted revenues of $667.5 million in the first quarter of this year, or $465 million more than for the corresponding period of 2022, when they reached $202.4 million.
In the first quarter of 2022, the company had to cancel almost 30% of its flights following the fall in demand and cancellations of reservations due to the ;appearance of the Omicron variant of COVID-19.
Transat President and CEO Annick Guérard says the company is on an upward trajectory and that it is moving towards a return to profitability.
Air Transat says that the combination of demand and rising prices will allow it to face a cost environment higher.
Winter trends look set to continue into summer 2023, the earnings release says. Second quarter results will be announced on June 8.