Transat reports $29.2M Q2 loss, revenue more than doubles

Photo: The Canadian Press

Transat AT Inc. reported a second-quarter loss of $29.2 million compared with a loss of $98.3 million last year as its revenue more than doubled.

The travel company says its loss amounted to 76 cents per diluted share for the quarter ended April 30 compared with a loss of $2.60 per diluted share a year earlier.

Revenue totalled $870.1 million, up from $358.2 million in the same quarter last year.

Transat says strong demand is helping raise prices for travel.

On an adjusted basis, Transat says it lost 21 cents per share compared with an adjusted loss of $2.95 per share a year earlier.

The company also raised its target for adjusted operating income margin to 5.5 to seven per cent for its 2023 financial year, up from its initial target range of four to six per cent.