Transat reports $49.6-million first-quarter loss, revenue edges lower

MONTREAL — Transat A.T. Inc. reported a loss of $49.6 million in its latest quarter compared with a loss of $3.2 million a year earlier as it was hurt by rising costs.

The travel company says the loss amounted to $1.32 per diluted share for the quarter ended Jan. 31 compared with a loss of nine cents per share a year ago when its results benefited from the sale of its Jonview subsidiary.

Revenue in what was the company’s first quarter totalled $647.6 million, down from $648.4 million.

The company says it was hurt by a rise in operating costs due to the weakening of the loonie against the U.S. dollar, higher fuel prices and additional costs related to the transition and optimization of its fleet.

On an adjusted basis, Transat says it lost $36 million or 96 cents per share in its most recent quarter compared with an adjusted loss of $32.2 million or 87 cents per share a year earlier.

Analysts on average had expected a loss of 78 cents per share and revenue of 760.7 million, according to Thomson Reuters Eikon.

Companies in this story: (TSX:TRZ)

The Canadian Press