December 8, 2022

The Queens County Citizen

Complete Canadian News World

Air Canada reported a net loss of $ 974 million in the first quarter of 2022

Air Canada reported a net loss of $ 974 million in the first quarter of 2022

Air Canada recorded a net loss of $ 974 million in the first quarter of 2022, or $ 1.304 billion in the first quarter of the 2021 fiscal year, or $ 2.72 per share, compared to a loss of $ 3.90 per share.

The airline also reduced its operating loss to $ 550 million for the period, compared to $ 1.049 billion in the same quarter last year.

Operating income reached $ 2.573 billion in the first quarter of 2022, almost three and a half times the result recorded in the same period of 2021.

“Significant improvement in Air Canada’s annual results for the first quarter is clear evidence of recovery,” said Michael Rousseau, President and Chief Executive Officer of Air Canada, in a statement on Tuesday.

The carrier indicated that it had increased its operational efficiency by about 3.4 times over the course of the year, but this result was 45% lower than previously known for the COVID-19 epidemic.

Air Canada said it was moving towards post-pandemic recovery with plans to increase and diversify its revenues and, above all, reduce costs.

“Air Canada Cargo’s expansion is one of them, the division’s’ quarterly revenue has grown by 42% to $ 398 million since the first quarter of 2021 and the number of its aircraft is growing with the addition of two new Boeing 767-300 cargo aircraft to be delivered. In 2022,” Mr. Russo explained.

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