$1 Billion Q1 Loss for Air Canada
CBJ — The global COVID-19 pandemic has wreaked havoc on the bottom line for Air Canada, which has reported losses of more than $1 billion in its fiscal first quarter. That bleak figure compares with a profit of $345 million in the same quarter of 2019.
Throughout the pandemic the country’s largest airliner has reduced its capacity by about 90% compared with last year. Projections indicate that third quarter capacity will be reduced by as much as 75% compared with 2019.
Air Canada is also moving up the date of the removal of 79 of its older aircraft from its active fleet. By doing so it will reduce costs structure as well as its carbon footprint.
WestJet and other airline companies have also gone through extremely difficult times with virtually no travellers since early March.