Air Canada reported a net loss of $386 million in the second quarter of 2022, or $1.60 per diluted share, compared to a net loss of $1.165 billion, or $3.31 per diluted share, in the corresponding quarter of the 2021 financial year.
The airline said its quarterly operating loss was $253 million, the lowest since the start of the COVID-19 pandemic. As for operating revenue, it reached $3.981 billion, nearly five times that of the second quarter of 2021.
Air Canada President and CEO Michael Rousseau expects travel to experience a significant rebound after health restrictions are lifted.
He reports that Air Canada entered the peak summer season with nearly 90% of its pre-pandemic workforce and that in the second quarter of 2022, the carrier achieved a load factor of 80.5%, or a big improvement from the second quarter of 2021, but a reduction of about four percentage points from the second quarter of 2019.
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