Air Canada continues to record net losses, according to third quarter financial results released Tuesday, but expects better performance with the lifting of health restrictions and the resumption of travel.
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The airline reduced its net loss to $ 640 million, or a loss per diluted share of $ 1.79, during the third quarter ended September 30, from a loss of $ 685 million ($ 2.31 per diluted share). ) in the corresponding quarter of the year 2020.
Even though negative of $ 67 million, earnings before interest, taxes, depreciation and amortization (EBITDA) is an improvement over the negative result of $ 554 million in the third quarter of 2020, an increase of $ 487 million .
The generation of net capital stood at $ 153 million, which is a significant improvement over the forecasts of the company which expected a depletion of net capital varying between $ 280 million and $ 460 million.
Revenue from operations increased by $ 757 million to over $ 2.1 billion.
The common carrier benefited from record freight revenues which exceeded $ 1 billion for the year to date, while unrestricted cash is valued at $ 14.4 billion in the current quarter.
“We are encouraged by favorable third quarter revenue and traffic trends, including strong passenger revenue increases in key geographic divisions, record results for freight transportation and significant improvements for both Air Canada Vacations and ‘Aeroplan,’ responded by press release Michael Rousseau, President and CEO of Air Canada.