Air Canada reported a smaller first-quarter adjusted loss on Thursday, as Canada’s largest carrier benefited from a rebound in bookings for business travel.
Major North American carriers are cashing in on a resurgence in big spending by corporate customers who have been largely absent from the post-pandemic travel boom.
Executives at Air Canada’s U.S. peers have also highlighted expectations for robust travel demand across both domestic and international routes in the upcoming summer season.
The International Air Transport Association expects 4.7 billion people to travel in 2024, compared with 4.5 billion in 2019.
Its adjusted loss narrowed to USD 96 million ( USD 69.98 million), or USD 0.27 per share, from USD 188 million, or USD 0.53 per share, a year earlier.
International travel demand is expected to remain strong this year as global air connectivity increases and travelers flock to Asian and Middle Eastern destinations. “Our results in the first quarter highlight the resiliency of our asset-light business model and the strength of our brands,” said CEO Anthony Capuano.
The Canadian carrier’s quarterly operating revenue rose 7 per cent to USD 5.2 billion in the quarter ended March 31.
