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Air Canada reports $1.3B loss in Q1 compared with $1B loss a year ago

THE CANADIAN PRESS | posted Friday, May 7th, 2021

Air Canada reported a loss of $1.3 billion in its first quarter compared with a loss of $1 billion in the same quarter last year as the pandemic continued to limit travel.

The airline says the loss amounted to $3.90 per diluted share for the quarter that ended March 31 compared with a loss of $4.00 per diluted share a year ago when it had fewer shares outstanding.

Revenue in the quarter totalled $729 million, down from $3.7 billion in the first three months of 2020.

Air Canada says its capacity as measured in available seat miles was down 82.1 per cent compared with a year ago, while traffic measured in revenue passenger miles was down 89.5 per cent.

The airline plans to approximately double its second quarter capacity from the same quarter in 2020, but says compared with the same period in 2019 that second quarter capacity is expected to be down 84 per cent.

Last month, Air Canada reached a deal for $5.9 billion in federal aid including money earmarked to help refund customers.

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