The fast-paced airline recovery continues in Canada, with a strong financial report today from Transat A.T. Inc. “For the second quarter of 2023, Transat reported a solid performance, with an adjusted operating income of $56.1 million, nearly 40% higher than in the same quarter of 2019,” said officials from the company, which runs Montreal-based Air Transat. “At mid-year, and based on current booking trends, we are raising the target for the adjusted operating income margin from the initially set range of 4% to 6% to a target of 5.5% to 7% for the fiscal year.” “Several factors contributed to the Read more
financial news
Air Canada’s operating revenue for the first quarter of this year was 90% higher than a year ago and about 10% higher than the first quarter of 2019. Canada’s largest airline today reported its first quarter 2023 financial results, and it’s clear that the travel rebound is a powerful one, indeed. Air Canada said its operating revenue for the quarter was $4.887 billion, nearly double last year and even higher than 2019, before the pandemic hit. The Montreal-based airline reported an operating loss of $17 million, improved from an operating loss of $550 million in the first quarter of Read more
The WestJet Group today announced that it has completed its acquisition of Sunwing Vacations and Sunwing Airlines. WestJet said the transaction, originally announced in March 2022, combines the two Canadian aviation and leisure travel success stories, “and will bring greater choice, competitive airfares and increased direct access to sun destinations to Canadian travellers. “In addition, it positions Sunwing to continue its growth across Canada and permits the newly merged company to protect jobs.” Initially, the airlines will continue independent operations, maintaining a sharp focus on providing an exceptional guest experience and ensuring safe operations. As the two entities transition Read more
Flair Airlines say four of its planes are “not operational” after “extreme and unusual” actions by a U.S.-based lessor to seize the aircrafts amid a commercial dispute. Global News says it received an emailed statement on March 11 from a spokesperson for Flair Airlines who said a “commercial dispute” with a New York-based hedge fund and lessor had affected four of its planes. “Flair Airlines is aware of extreme and unusual actions taken by a New York-based hedge fund and lessor of certain Flair Airlines aircraft,” the spokesperson said. “The airline is aggrieved by this unprecedented action.” The CBC quoted an airline Read more
WestJet’s controversial takeover of Sunwing is set to be approved today by the Trudeau government. WestJet also has been given federal licenses for flights to Hong Kong, the Philippines, Singapore and Malaysia. The Globe and Mail this morning (March 10) reported that the announcement will be made today, providing WestJet with a huge increase in its share of the packaged vacation business. Calgary-based WestJet and Toronto-based Sunwing announced the proposed merger in March, 2022. The federal Competition Bureau later stated that the takeover would lead to fewer choices for Canadian travellers, and higher prices. The Globe story said the Trudeau Read more
