(Montreal) A year after posting a net loss of 974 million in the first quarter of 2022, Air Canada reports a net profit of 4 million a year later.
On an adjusted basis, the airline still suffered a net loss of 188 million in the first quarter of the current year, or $0.53 per share, compared to a net loss of 747 million or 2.09 $ per share a year earlier.
During the same period, Air Canada’s operating revenue jumped by more than $2.3 billion to $4.887 billion, a performance the company attributes primarily to higher passenger revenue related to increased travel demand.
Air Canada President and CEO Michael Rousseau says first quarter financial results exceeded both internal and external expectations.
It expects demand to hold, supported by strong advance bookings for the rest of the year, but the company is not updating its 2024 targets at this time.