Transat has reported a fiscal second quarter net loss of CAD $98.3 million or ($2.60) per diluted share on a revenue increase to $358.2 million versus $7.6 million in the same period last year. At April 30, 2022, Transat had cash and cash equivalents totaling $511.2 million.
On Thursday (June 9, 2022), Transat A.T., Inc. reported their fiscal second quarter financial results for the period ending April 30, 2022. The carrier reported a fiscal second quarter net loss of CAD $98.3 million or ($2.60) per diluted share on an increase in revenue to $358.2 million compared to $7.6 million during Q2 FY2021. Transat’s second quarter adjusted net loss was $111.6 million, versus an adjusted net loss of $103.3 million in the same period last year. At April 30, 2022, the company had cash and cash equivalents totaling $511.2 million. Reflecting a recovery in demand, Transat ended the second fiscal quarter with customer deposits of $494.2 million, representing 80 percent of pre-pandemic levels and a 60 percent increase compared to the previous quarter.
In Thursday’s announcment, Transat’s President and Chief Executive Officer, Annick Guérard, said,
"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. 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 code sharing. 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.”
Transat's Fiscal Second Quarter 2022 Financial Results - Courtesy Transat A.T., Inc.
Air Transat will receive two new Airbus A321neo LRs during the summer, and has five more on order. Once all deliveries are completed, the carrier’s fleet will have 17 of the aircraft type, further improving the efficiency and optimization of their fleet. For summer 2022, Air Transat will operate approximately 89 percent of capacity across all markets compared to summer 2019. With codeshare partnerships and virtual interlining via connectair by Air Transat, the carrier will offer over 1,200 itineraries (including 550 with Transat) this summer, compared to around 500 in 2019.
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 is the third largest airline in Canada, as well as the leading integrated tourism company. Transat offers vacation packages, hotel accommodations and air service to more than 60 destinations in over 25 countries in the Americas and Europe. Air Transat has been voted the ‘World’s Best Leisure Airline’ 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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