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            january 22, 2020

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Posidonia 2020

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Air Canada's Q3 profit falls 62.2pc


Air Canada third quarter profit declined 62.5 per cent to C$645 million (US$492 million), drawn on revenues of C$5.4 billion, a 12.5 per cent increase year on year, according to Shipping Gazette.
Year-to-date from January to September, Air Canada's profit declined 80.1 per cent to C$398 million drawn on revenues of 13.8 billion, an increase of 11.2 per cent year on year.
For the quarter, passenger revenues came to C$5.01 billion, an 11.1 per cent year-on-year increase against cargo revenue of C$218 million, up 12.3 year on year.
Year to date from January to September passenger revenue came in at 3.6 billion, up 5.8 per cent year on year against C$218 million in cargo revenue, 12.3 per cent year on year.
Most of the revenue - C$91 million - came from flights on the Pacific sector, followed by transatlantic routes (C$74 million), then Canadian business (C$25 million). US transborder business generated C$12 million while "other" destinations, principally Latin America, accounted for the remaining C$16 million.
President and CEO Calin Rovinescu said: "Strong revenue and cost management substantially offset the challenges we faced in the quarter, principally the significant increase in fuel prices."
He expects the same "revenue momentum" to continue into the fourth quarter and 2019.

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