Photo An Air Transat plane takes off at Pierre Elliott Trudeau International Airport in Montreal, June 11, 2023 — Credit The Canadian Press/Graham Hughe

Transat A.T. Inc. reported a loss of $29.5 million in its latest quarter compared with a loss of $122.5 million a year earlier as its revenue rose five per cent.

The company says the loss amounted to 73 cents per diluted share for the quarter ended Jan. 31, compared with a loss of $3.10 per diluted share last year.

Revenue totalled $870.7 million for what was Transat’s first quarter, up from $829.5 million a year earlier.

On an adjusted basis, Transat says it lost $1.18 per share in its latest quarter compared with an adjusted loss of $1.90 per share a year earlier.

“Transat delivered solid financial results in the first quarter of 2026, reflecting continued momentum from the diligent execution of its profitable growth strategy,” said Annick Guérard, President and Chief Executive Officer of Transat. “Key initiatives implemented in the last several quarters, including our ‘Elevation’ program, diversification of network routes and airline partnerships, produced a 5% revenue growth and a strong 68% year-over-year increase in adjusted EBITDA.

“Overall, our achievements demonstrate that Transat is moving in the right direction in laying the foundation for long-term shareholder value creation.”

The results come ahead of the company’s annual meeting.

Media magnate Pierre Karl Péladeau is trying to overhaul Transat’s board but Glass Lewis and Institutional Shareholder Services (ISS) have both recommended that shareholders vote against the Quebecor CEO’s proposal to install himself and two associates on a slimmed-down board.

With file from The Canadian Press

Source: Travelweek