(Montreal) Air Canada reported Friday a reduction in its net loss for the third quarter of 2022 compared to the corresponding period of 2021.
Posted at 8:05 a.m.
The Montreal-based airline said its net loss was $508 million compared to $640 million in the third quarter of the previous fiscal year.
Air Canada’s operating profit was 644 million while in the third quarter of 2021, the carrier suffered an operating loss of 364 million.
The company thus reports its first quarterly operating profit since the start of the COVID-19 pandemic.
Air Canada President and CEO Michael Rousseau adds that the carrier also posted a strong operating margin of 12.1% in the last three months, as well as operating revenues of 5.3 billion, or nearly 2.5 times those of the third quarter of 2021. Mr. Rousseau also said he was encouraged by the persistence of strong demand.