Accor Hotels’ business rebounded significantly in the first half of this year after two years of major pandemic-related disruptions in the tourism and hospitality industry, officials say. “In Q2 2022, activity recovered to levels close to, if not above, the 2019 levels in almost all of our geographies. The only laggards were China, which is impacted by travel restrictions as part of its strict enforcement of a “zero-Covid” policy, and South East Asia, which is highly dependent on Chinese visitors,” officials said. This rebound reflects both the recovery of the number of business and leisure domestic guests, and border reopenings, Read more
financial news
Transat lost money in the second quarter, but revenues climbed sharply as travel rebounded around the world. Transat A.T. inc., the parent company for Air Transat, today reported an adjusted second quarter loss of $51 million. But it said revenues were up $358 million, and that it’s bullish about the rest of the year. “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 Read more
Air Canada’s finances are definitely on the rise. The Montreal-based airline today reported fourth quarter 2021 operating revenues of $2.731 billion. That’s 30 per cent higher than in the third quarter of 2021, and over three times fourth quarter 2020 operating revenues. AC reported a fourth quarter 2021 operating loss of $503 million compared to an operating loss of $1.003 billion in the fourth quarter of 2020. For the full year of 2021, Air Canada reported operating revenues of $6.400 billion, compared to 2020 operating revenues of $5.833 billion. Also for the full year, it reported a 2021 operating loss Read more
It’s no secret that cruise lines have been hit hard by the pandemic. But $8 billion is still a startling figure. Carnival Corporation, which includes Holland America, Carnival Cruises, Princess Cruises, Cunard, Seabourn, and Costa Cruises, is reporting a $2 billion (all figures USD) loss for the fourth quarter of 2021. Open Jaw reports the company’s loss for the year is nearly $8 billion. Still, Carnival President and CEO Arnold Donald says he sees sunnier days ahead for the second half of next year. “Our cash from operations turned positive in the month of November, and we expect consistently positive Read more
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 Read more
