Canada Jetlines has reported a second quarter net loss of $940,000 or ($0.01) per share on a year-over-year increase in revenue of 72.8 percent to $8.8 million. At June 30, 2023, the carrier had $5.1 million in liquidity.
On Monday (August 14, 2023), Canada Jetlines Operations Ltd. reported their second quarter financial results for the period ending June 30, 2023. The carrier reported a second quarter net loss of $940,000 or ($0.01) on a 72.8 percent year-over-year increase in revenue to $8.8 million. During the period, Jetlines’ ACMI revenue increased 87.5 percent versus Q1 2023 to 6.34 million. Operating expenses during the second quarter increased 13 percent compared to the first quarter to $9.23 million, primarily attributable to increased flying activity. At June 30, 2023, the company had liquidity totaling $5.1 million, up from $2.0 million at December 31, 2022.
In Monday’s announcement, Jetlines’ President, Eddy Doyle, said,
“We are pleased to report that several key milestones were achieved in Q2 2023. The Company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue. Canada Jetlines also took delivery of its 3rd aircraft at the end July 2023. The Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business.”
Canada Jetlines is a new leisure-focused carrier, which will utilize a growing fleet of Airbus A320s to provide Canadians with value vacation choices and convenient travel options. The airline will provide exciting vacation packages to iconic Canadian destinations and beyond. With their fleet expected to expand to 15 aircraft by 2025, Canada Jetlines aims to offer best-in-class operating economics, and customer comfort, providing an elevated guest-centric experience from the first touchpoint.
Source: Canada Jetlines