Transat A.T., the parent company of Air Transat, is reporting substantially better numbers in its fourth quarter fiscal statement.
The company today reported an operating loss of $118.3 for its fiscal fourth quarter, which ended Oct. 31, 2021. That loss is down substantially from last year’s figure of $239.3 million.
Fourth quarter Transat revenue was reported at $62.8 million, up 120.9% from the $28.4 million in revenue for the fourth quarter of last year.
For the fiscal year, however, Transat A.T. reported revenues of $124.8 million, down 90.4% or $1.2 billion from the previous fiscal year mark.
“Since we resumed operations on July 30, business has been growing steadily, ” said Annick Guérard, President and Chief Executive Officer, Transat. “We met and exceeded our targets for resumption of operations in the last quarter and reduced our use of cash. The winter season that is now beginning will see the continuation of our return to more significant volumes.
“While we remain cautious given the evolving variants, we remain optimistic that we’re on track to returning to normal. Meanwhile, we’re continuing our transformation. Following the extensive streamlining of our fleet that has been ongoing for several years, the codeshare agreement announced this quarter is the first step forward in our alliance strategy, with further advances to follow in the coming months,” she said.
“For the winter, we plan to operate from eight Canadian airports to eight destinations in Europe, 22 in the South and five in the United States, including Miami and Fort Myers, where we’ll be flying for the first time. To do that, we will be deploying capacity that will grow from 50% to 75% of pre-pandemic capacity over the winter. We will then build volume further for the summer season, which will include two new routes to Europe and two new destinations in the United States,” Guérard said.
“We started 2022 with over 2,000 employees, compared with only 750 at the height of the crisis, and the volume we project will allow us to recall about 1,500 more during the year. It’s heartwarming to see our employees gradually taking back up their positions with us. They are the reason that Transat is what it is today, and they are the ones who will build tomorrow’s growth and success,” she added.
