This article was last updated on April 16, 2022
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In light of a company-wide memo leaked publicly in early May, which aimed at reducing costs at Air Canada, it seems that the idea has deemed fruitful results for the company. The airline has announced to have acquired an alleged best second quarter in its history, under drastic financial measures like adjusted net income, despite being the time when it was preparing the launch of its new Rouge discount international airline and amid growing competition in the domestic market.
In a press briefing on Wednesday, Air Canada reported a net loss of $23-million in the second quarter, i.e. 9 cents a share, in comparison to a loss of $161-million, i.e. 59 cents, recorded in the same period last year. Additionally, the company disclosed that considering an adjusted net income basis that doesn’t take account foreign exchange into account, the financing of employee benefits and other accounting factors lead Air Canada to actually redeem an income of $115-million or 41 cents a share in the quarter, which is an increase from an adjusted loss of $7-million or 2 cents a share one year ago.
Describing the boastful second quarter figures, president and chief executive officer of Air Canada, Calin Rovinescu, mentioned in a statement that we are “looking ahead, our focus remains on the execution of the corporation’s business plan led by our four core priorities: cost transformation, international growth, customer engagement and culture change to transform Air Canada into a sustainably profitable company for its shareholders and employees.”
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