October 30, 2017
by Canadian Shipper
Montreal, QC – Air Canada posted record third-quarter financial results, powered by a record number of passengers and as well as a 38 per cent increase year on year in cargo-related revenue.
Profit hit $1.79-billion in the quarter or $6.44 a share, up from $768-million or $2.74 a year earlier, helped in part by a $793-million income tax recovery.
Air Canada made C$1.4bn in EBITDAR (earnings before interest, taxes, depreciation, amortisation, impairment and aircraft rent) in the third quarter of 2017, a record figure.
It was a $140m increase on last year’s third-quarter EBITDAR of C$1.25bn.
Cargo-related revenue saw an increase of C$179m. In 2016 Air Canada linked up with fellow Canadian company, freighter airline Cargojet, to launch freighter services to Latin America and Europe.
“I am pleased to report that Air Canada delivered its best-ever third-quarter financial performance,” said Calin Rovinescu, the flag carrier’s president and chief executive.
“These record results underscore the success of the multi-year transformation of our business model,” he insisted.
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