Transat A.T’s president and CEO Annick Guérard says the company is “on track for a winter season that promises to match pre-pandemic levels.”
The brand, releasing its third quarter results on Thursday (Sept. 8), reported an operating loss of $93.2 million, which is an improvement of $5.2 million compared with the $98.4 million loss in 2021.
Net losses attributable to shareholders amounted to $106.5 million (or $2.82 per diluted share) compared with $138.1 million (or $3.66 per diluted share) during the same time last year.
However, compared with 2021, a quarter with “virtually no operations,” Transat’s revenues increased by $495.8 million for the quarter, which ended July 31, 2022.
"The recovery emerging at the end of the last quarter has been confirmed in recent months,” Ms. Guérard stated. “With our prudent planning and our teams' exceptionally high-quality execution, we were able to deploy virtually all of our programs, with continuously improving load factors,"
The pace of sales is currently “very comparable” to 2019, she noted.
“Although the quarterly results are still affected by the costs of resuming operations, July was our first profitable month in more than two years, setting the stage for improved results. The strong pricing this quarter also partially absorbed the increase in fuel costs, the adverse effect of which is likely to persist for some time,” she said.
Transat’s current cash position, combined with new financing obtained during the quarter, gives “us the required flexibility for the future,” Ms. Guérard added.
In July, the company obtained $100 million in additional liquidity after reaching an agreement with Canada Enterprise Emergency Funding Corporation.
The loan came in addition to the financing Transat secured in April 2021, and at the time, Transat said it would use the credit facility “as needed over the next few months.”
Transat also implemented a strategic plan during the third quarter, particularly with respect to its fleet, with the receipt of two new A321LRs and the order of four A321XLRs.
“These new aircraft will bring us all the advantages of the LR, including cost and environmental benefits, with an even longer range,” stated Ms. Guérard.
35th anniversary celebrations
Air Transat, meanwhile, is kicking off its 35th anniversary celebrations with savings on South packages and exciting contests.
Until Sept. 27, travellers can take advantage of savings of up to 35 per cent on South packages for departures between Sept. 7, 2022, and May 31, 2023.
In addition, the company will giveaway 35 South packages for two at one of the beautiful Paradisus properties in Cuba, the Dominican Republic or Mexico.
To enter, travellers can simply fill out the entry form available on its website.
Participants can increase their chances of winning by adding a valid booking number and subscribing to the newsletter.
Finally, Air Transat also wants to celebrate with travel agents, who will earn $15 or 3X BONBON per eligible reservation as part of the 35th anniversary promotion and have a chance to win a rebate of $175 or 35X BONBON, drawn daily.
Plus, a draw for five South packages for two will be held among travel agents at the end of the promotion. (Exceptions apply).