Air Canada returned to profitability in the first quarter of fiscal 2023 and also reported record revenues.
For the quarter ended March 31, Air Canada reported net income of $4 million compared to a net loss of $974 million for the corresponding quarter of 2022.
“Air Canada’s impressive performance in the first quarter is a testament to the strength of our brand, very strong demand across all markets and the effective execution of our strategic plan,” said Michael Rousseau, President and Chief Executive Officer. also from Air Canada management This indicates lower than expected fuel costs.
During the same period, revenue grew 90%, from $2.573 billion last year to nearly $4.9 billion this year. Also compared to the same period in 2019, there is an increase of 10%.
“All businesses made significant contributions during the quarter,” Rousseau said. Air Canada Cargo is expanding its network and fleet, Aeroplan is seeing membership growth and gross billings are up 50% compared to the first quarter of 2022, and Air Canada Vacations has reported notable results. The system-wide unit return improved about 9% compared to the first quarter of 2022. We generated strong free cash flow of nearly $1 billion.”