Shubhangi Bhedekar
Air Canada’s profits halved despite rising revenue in its latest quarter, as the country’s largest airline struggled to complete the final stages of its recovery from COVID-19.
“Our second-quarter results were solid, although they did not achieve our internal expectations,” CEO Michael Rousseau told analysts during a conference call on Wednesday.
Increased capacity and strong demand for international flights drove a two per cent year-over-year revenue growth to $5.52 billion in the quarter ended 30 June.
However, revenue-per-seat figures declined compared to the previous year, when soaring post-pandemic demand and lower capacity across the industry resulted in fuller planes, higher fares, and wider profit margins.
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