Air Canada continues to suffer the effects of the pandemic by collecting jagged financial results, as the air carrier recorded a net loss of $974 million in the first quarter of 2022.
This result represents a performance, if compared to the deadweight loss of $1.304 billion, or a loss per diluted share of $3.90, recorded in the first quarter of 2021.
In a similar trend, operating losses came in at $550 million, compared to an operating loss of $1.049 billion in the first quarter of last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) were negative $143 million, compared to negative $763 million a year earlier.
Operating revenue reached $2.573 billion in the first quarter of 2022, nearly three and a half times the result recorded during the same period of 2021.
Air Canada has increased its operational capacity by approximately 3.4 times in the space of a year, but still remains below the threshold known before the COVID-19 pandemic.
“The significant improvement in Air Canada’s year-over-year results in the first quarter is tangible proof that a recovery is underway,” Air Canada President and CEO Michael Rousseau said Tuesday. ‘Air Canada.
The airline is heading for post-pandemic recovery with plans to grow and diversify its operating revenue and, above all, reduce costs.
“Air Canada Cargo’s expansion is one, with the division seeing quarterly revenue increase 42% from the first quarter of 2021 to $398 million, and its fleet growing with the addition of two new Boeing 767-300 cargo planes which will be delivered in 2022”, detailed Mr. Rousseau.