Air Canada reports Q1 loss, revenue more than triples compared with year ago

Air Canada planes sit on the tarmac at Pearson International Airport on Wednesday, April 28, 2021. THE CANADIAN PRESS/Nathan Denette

Air Canada reported a first-quarter loss of $974 million compared with a loss of $1.30 billion a year earlier as its revenue more than tripled.

Air Canada CEO Michael Rousseau says the year-over-year improvement in the airline's results is clear evidence that a recovery is underway.

He says the year began with weakness due to the Omicron variant and travel restrictions, but rebounded in March with passenger volumes topping the December levels and ticket sales in the month more than 90 per cent of March 2019 levels.

The airline says its loss for the three months ended March 31 totalled $2.72 per diluted share, compared with a loss of $3.90 per diluted share in the first quarter of 2021.

Revenue totalled $2.57 billion, compared with $729 million in the first three months of last year.

Air Canada says its first-quarter cost per available seat mile was 21.8 cents, compared with 42.2 cents a year earlier, while its adjusted cost per available seat mile was 15.6 cents, compared with 40.4 cents in the first quarter of 2021.
 

- This report by The Canadian Press was first published on April 26, 2022