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Air Canada Posts Q2 Loss Of $253 Million

Air Canada (AC) has reported a second-quarter operating loss of $253 million due to higher
labour and fuel costs.

The Montreal-based airline’s latest loss was mush smaller than the $1.13 billion operating loss it
recorded in the second quarter of 2021 when it was still dealing directly with the impact of the
COVID-19 pandemic.

Air Canada said its operating revenue in the April through June period increased to $3.98 billion
from $837 million in the year earlier period.

However, the air carrier also forecast higher full-year expenses as it grows capacity amid
persistently high labour and fuel costs.

Neighbouring U.S. carriers are also struggling with higher costs even as a rise in travel demand
boosts their pricing power.

Air Canada says it now expects 2022 adjusted cost per available seat mile to be up about 15%
to 17% this year, which is above pre-pandemic 2019 levels.

Air Canada’s stock is down 22% this year and trading at $17.39 per share.