Transat’s Q2 results include $358.2 million in revenues

Transat’s Q2 results include $358.2 million in revenues

MONTREAL — Transat’s Q2 revenue hit $358.2 million this year, compared with $7.6 million in the same quarter last year.

The company says its net loss attributable to shareholders amounted to $98.3 million for the quarter ended April 30. The result compared with a loss of $69.6 million a year earlier.

“When the effect of Omicron subsided at the end of February, operations and sales rebounded strongly, allowing us to end the quarter on a very encouraging note and generate revenues of $358 million for the period. We foresee a strong recovery and will continue to implement all the measures necessary to capitalize on it,” said Annick Guérard, President and CEO, Transat.

“Sales are progressing in a very satisfactory manner for the summer. The cost of fuel rose sharply, without which we would have reported positive adjusted operating results in April. Nonetheless, we observe that consumers are ready to accept price hikes and we have implemented a fuel hedging program to protect us against significant increases during the summer.

“For the longer term, we continue to implement our strategic plan. While continuing to receive new fuel-efficient aircraft to the fleet, we continue to develop our network by adding new destinations and connections, with or without codesharing. We also benefit from our employees’ strong support, including our pilots with whom we have entered into a three-year agreement, ensuring stability for the coming period,” she added.

Transat has unrestricted liquidity of $515.9 million as of April 30. Customer deposits total $494.2 million, and that’s 80% of pre-pandemic levels and a 60% increase over last quarter.

Transat’s strategic plan includes rebuilding Air Transat’s pre-pandemic network, with the opening of several routes and the implementation of codeshare agreements

The company is also focused on continued fleet renewal, with the expected delivery of two A321neoLRs during Q3, and five more to come.

With file from The Canadian Press