Transat AT (TRZ), the parent company of airline Air Transat, has reported that its revenues more than doubled and its net loss narrowed during its fiscal second quarter.
Specifically, the Montreal-based company reported a loss of $29.2 million for the quarter ended April 30, which was substantially better than a loss of $98.3 million a year earlier.
The latest loss equaled $0.76 per share compared with a loss of $2.60 a share a year ago.
Revenue in the latest quarter totalled $870.1 million, which was more than double the $358.2 million the company earned last year.
Transat also reported that its debt stood at $1.92 billion at the end of its fiscal Q2 due to aircraft lease liabilities as the company does not own any of its aircraft fleet.
Transat said that it is planning for 89% of its airline seats to be filled this summer.
Transat AT’s stock has risen 8% in the last 12 months to $4.49 per share.
