Poll: Summer trip
Castanet staff – April 27, 2022 / 19:30 | History: 367241
Photo: The Canadian Press
Air Canada is ready to raise tariffs as it seeks to offset the impact of higher fuel costs, weakening business travel and rising inflation.
The country’s largest carrier has more than tripled in revenue in the last quarter as demand for travel has risen, although a net loss of nearly $ 1 billion signals that recovery from the pandemic is far from complete.
After the Omicron variant of COVID-19 delayed bookings in January, Air Canada’s sales jumped in March as travel restrictions eased, pushing bookings to 90% of 2019 levels.
“We are very positive for the rest of the year and continue to grow over the next few years,” CEO Michael Rousseau told analysts during a conference call on Tuesday.
Despite that optimism, Air Canada shares fell $ 1.76 or 7.3% to $ 22.46 on Tuesday by the end of the Toronto Stock Exchange.
The airline maintained forecasts for the whole year that the available capacity of the seats will be on average approximately three quarters of that in 2019. A similar figure is expected for the current quarter, which will be five times higher capacity than a year earlier.
However, Air Canada’s capacity continues to lag behind that of its American counterparts, and business travel remains half as low as three years ago, said Chief Commercial Officer Lucy Giemet.
“The international may take a little longer,” she said, referring to overseas business reservations, even as travel in the country and for leisure increases.
Air Canada hopes to take advantage of the renewed appetite for corporate travel in the United States as the carrier maintains its flight schedule in the United States, she added.
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