Air Canada reported a loss of $386 million in the second quarter, compared with a loss of $1.17 billion in the same period last year, and said revenue increased nearly fivefold.
The company reported a total loss of $1.60 per diluted share for the three months ended June 30, compared with a loss of $3.31 per diluted share in the second quarter of 2021.
Revenue totaled $3.98 billion, compared with $837 million in the same period last year.
According to Air Canada, the cost per available seat mile in the second quarter decreased to 20.8 cents from 49.3 cents in the same period last year, and the adjusted cost per available seat mile is expected to increase in the second quarter of 2022. It was 13.1 cents compared to 41.5 cents in the quarter.
Air Canada CEO Michael Rousseau says the global aviation industry faces an “unprecedented situation resulting from pandemic-related restrictions” while the situation is “especially difficult in Canada”. It is said that
He also says there remains considerable pressure on the reboot despite “meticulous planning and forecasting”, but that he is “encouraged by recent improvements”.