Transat is ‘ready for the recovery’ after it records net loss of USD106 million in 3Q2020,

    Transat AT announced (10-Sep-2020) an adjusted net loss of CAD139.8 million (USD106.2 million) in 3Q2020, as well as revenues of CAD9.5 million (USD7.2 million) and cash and cash equivalents of CAD576.4 million (USD437.8 million) as of 31-Jul-2020. The company suspended all services as of 01-Apr-2020, and recorded no sales from that date until the resumption of airline operations on 23-Jul-2020. Subsequently, the company recorded revenues down 98.6% from the revenues of CAD689.4 million (USD523.6 million) posted in 2019. For the nine month period ended 31-Jul-2020, the company also experienced a significant deterioration in performance, due to factors such as restrictions on international travel and government imposed quarantine measures. During the nine month period, Transat recorded revenues of CAD1.3 billion (USD1 billion), down 43.2% from 2019. Transat president and CEO Jean-Marc Eustache noted the company is “ready for the recovery”, also stating: “However, with Canada maintaining some of the most stringent border restrictions and still requiring quarantine for people returning from abroad, it’s time for the government to provide targeted support for the airline sector to ensure the existence of a competitive industry in Canada over the long term”. The company currently operates a condensed flight schedule to 17 destinations in Europe and South America. [more – original PR]