Transat AT beats Q4 profit expectations, moving ahead with hotel plans

MONTREAL — Transat A.T. Inc. says it earned $7.8 million in its latest quarter, down from a year ago when its results were boosted by the sale of its interest in Ocean Hotels.

The Montreal-based travel company says its fourth-quarter profit amounted to 21 cents per share for the quarter ended Oct. 31, compared with a profit of $148.1 million or $$3.97 per share a year ago.

On an adjusted basis, Transat says it earned 45 cents per share in its most recent quarter, compared with an adjusted profit of $1.24 per share in the same quarter last year.

Analysts on average had expected a profit of 41 cents per share, according to Thomson Reuters Eikon.

Revenue totalled $668.3 million, down from $698.6 million.

Transat says the results came as the company completed the acquisition of its first parcel of land in Puerto Morelos, Mexico, as part the development of its hotel division.

Companies in this story: (TSX:TRZ)

The Canadian Press