An empty Air Canada check-in counter is seen at Montreal-Trudeau International Airport in Montreal, on Wednesday, April 8, 2020. THE CANADIAN PRESS/Paul Chiasson

Air Canada reports $1.05B first-quarter loss due to impact of COVID-19 pandemic

The airline has reduced its second quarter capacity by 85 to 90 per cent

Air Canada says it lost $1.05 billion in its first quarter compared with a profit of $345 million in the same quarter last year as governments imposed travel restrictions around the world due to the COVID-19 pandemic.

The airline says the loss amounted to $4.00 per diluted share for the quarter compared with a profit of $1.26 per diluted share in the first quarter of 2019.

Operating revenue fell to $3.72 billion compared with $4.43 billion in the year ago quarter.

On an adjusted basis, Air Canada says it lost $392 million or $1.49 per diluted share in the first quarter of this year compared with an adjusted profit of $17 million or six cents per diluted share in first three months of 2019.

The airline has reduced its second quarter capacity by 85 to 90 per cent when compared with the same quarter last year, while its third quarter capacity is expected to be reduced by about 75 per cent compared with a year earlier.

Air Canada is also accelerating the retirement of 79 older aircraft in a move that it says will simplify the airline’s fleet, reduce costs structure and lower its carbon footprint.

READ MORE: WestJet joins Air Canada in hoping to qualify for wage subsidy to bring workers back

READ MORE: Air Canada and others suspend flights until June as sector slammed by COVID-19

The Canadian Press


Like us on Facebook and follow us on Twitter.

Air CanadaAir TravelCoronaviruseconomy

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Houseboat company partly owned by Shuswap MLA withdraws controversial ad

The ad welcomed houseboaters from other provinces, contradicting anti COVID-19 measures.

Squabble between campers in North Shuswap leads to bear spraying

An argument over late night partying escalated into a fight which led to one person being sprayed

RCMP report a violent attack on a woman in the North Shuswap

Woman beat up on side of road in Scotch Creek, perpetrator fled

Recycling depot at Salmon Arm landfill back in operation

Full bins and a lack of bags led to two service disruptions in the month of May

Public workers step up for Shuswap non-profits

$5,000 donation to be divided among Salmon Arm, Sicamous, Enderby support groups

B.C. legislature coming back June 22 as COVID-19 emergency hits record

Pandemic restrictions now longer than 2017 wildfire emergency

Central Okanagan schools ready to welcome students back

Students are set to go back to school next Monday, June 1

B.C.’s essential grocery, hardware store employees should get pandemic pay: retail group

Only B.C.’s social, health and corrections workers are eligible for top-ups

Edmonton, Vancouver and Toronto vying to be NHL hubs, but there’s a catch

The NHL unveiled a return-to-play plan that would feature 24 teams

B.C. sees 9 new COVID-19 cases, one death as officials watch for new cases amid Phase Two

Number of confirmed active cases is at 244, with 37 people in hospital

Penticton may soon allow drinking alcohol in some public places

Trying to inconspicuously drink on the beach could become a thing of the past

VIDEO: Flowers stolen from Vernon distillery

Okanagan Spirits Craft Distillery captured surveillance footage of the thief in a black car

Fundraiser launched for North Okanagan drive-in

Vernon resident seeks to raise $20K to save Starlight Drive-In

Unique ‘the Wedge’ development makes way back to Kelowna council

Council initially deferred its decision on the project in March

Most Read