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Transat Reports First Quarter FY2023 Net Loss of $56.6 million or $1.49 per Diluted Share

Transat A.T. Inc. has reported a fiscal first quarter 2023 net loss of $56.6 million or ($1.49) per diluted share on a year-over-year increase in revenue of $465 million to $667.5 million. The company ended the quarter with unrestricted liquidity totaling $567.7 million.

Air Transat Airbus A321neo - Courtesy Airbus

On Thursday (March 9, 2023), Transat A.T. Inc. reported their fiscal first quarter 2023 financial results for the period ending January 31, 2023. The company reported a first quarter net loss of $56.6 million or ($1.49) per diluted share on revenue of $667.5 million, up from $202.4 million during the same period last year. Transat reported an adjusted operating income of $3.3 million and an EBITA loss of ($38.1 million). At the close of the first quarter, the company had $567.7 million in unrestricted liquidity, including $467.7 million in cash and cash equivalents, and $100 million in undrawn credit facilities. Transat ended the quarter with customer deposits for future travel totaling $898.3 million, up 11 percent compared to the pre-pandemic level at January 31, 2020.

In Thursday’s announcement, Transat’s President and Chief Executive Officer, Annick Guérard, said,

“The momentum from the end of 2022 continues, confirming our financial scenarios. Transat is on an upswing and is headed for a return to profitability. In the first quarter of 2023, revenues more than tripled compared with the corresponding quarter in 2022. Across all programs, combining European and South destinations, Transat deployed capacity comparable to that of 2019; load factors were slightly lower, but the shortfall was largely offset by higher prices. In addition, airline unit revenues, expressed in yield, increased by more than 20% compared with the first quarter of 2019. As a result, we recorded an adjusted operating income of $3.3 million for the period, an improvement of $39.7 million compared with the first quarter of 2022. These results are especially encouraging since the first quarter, which falls in the shoulder period, is usually the lowest of the year.

“Transat maintains the adjusted operating income margin target of 4% to 6% for the year. Resilient demand for travel is supporting prices and helps us deal with the pressure on operating costs. The context is therefore challenging but remains favourable to recovery in travel and Transat's relaunch.”

Transat's First Quarter FY2023 Financial Results - Courtesy Transat

Montreal-based Transat A.T. Inc. (TSX: TRZ), the parent company of Air Transat, was founded over 35 years ago. The company has 5,000 employees and a leading leisure airline in Canada, as well as the leading integrated tourism company. Transat offers vacation packages, hotel accommodations and air service to destinations across the Americas, Europe and the Caribbean. With codeshare and interline partnerships, Air Transat offers service to over 300 destinations. In 2022, Air Transat was voted the ‘World’s Best Leisure Airline in North America’ at the Skytrax World Airline Awards. The carrier is currently renewing their fleet with the most fuel-efficient and environmentally aircraft in their class, as part of Air Transat’s commitment to a healthier environment, knowing that this is essential for the preservation of the magnificent destinations they serve.

Source: Transat A.T. Inc./CNW Telbec


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