Travel company Transat AT reports fourth-quarter profit up from year ago
MONTREAL -- Transat AT Inc. earned $20.3 million in its latest quarter as it worked to complete the takeover of the travel company by Air Canada, up from $6.8 million a year ago.
The company says the profit amounted to 54 cents per diluted share for the quarter ended Oct. 31, up from 18 cents per diluted share in the same quarter last year.
Revenue in what was the company's fourth quarter of its financial year totalled $693.2 million, up from $668.8 million.
On an adjusted basis, Transat says it earned 72 cents per share for the quarter, up from 36 cents per share a year ago.
Transat shareholders voted to approve the takeover of the company in August, but the deal still faces scrutiny by regulators eyeing the impact of an acquisition that will see Air Canada control at least 60 per cent of transatlantic air travel from Canada.
The company expects the takeover to close by the second quarter of the 2020 calendar year if the required regulatory approvals are obtained and conditions are met.
This report by The Canadian Press was first published Dec. 12, 2019.