Transat AT reports Q1 $56.6M loss as revenue more than triples | Globalnews.ca

Transat AT Inc. reported a $56.6-million loss in its latest quarter compared with a loss of $114.3 million a year earlier as its revenue more than tripled.

Transat chief executive Annick Guerard says the company is on an upswing and is headed for a return to profitability.

The travel company says the loss amounted to $1.49 per diluted share for the quarter ended Jan. 31. compared with a loss of $3.03 per diluted share a year earlier.

Revenue in what was the first-quarter of the company’s 2023 financial year totalled $667.5 million, up from $202.4 million a year earlier when the company had to scrub nearly 30 per cent of its scheduled flights as a result of booking cancellations following the emergence of the Omicron variant.

On an adjusted basis, Transat says it lost $1.62 per share in the quarter compared with an adjusted loss of $2.53 per share in its first quarter last year.

Analysts on average had expected a loss of $2.02 per share and $662.5 million in revenue, according to estimates compiled by financial markets data firm Refinitiv.