Air Transat reports first profit since 2019 – expects limited effects GTF issues

Transat AT, the Canadian parent of leisure company and airline Air Transat, produced its first quarterly operating and net profits since Q4 2019. The airline benefitted from strong demand for travel and responded by ramping up capacity on the network.

The group reported a consolidated adjusted net profit of C$42.3 million compared to C$-120.9 million in its third quarter, which ran from May-July. Total revenues were up by 47 percent to C$746.3 million from C$508.3 million, thanks to 19 percent higher capacity and strong demand. This pushed the load factor up by nine percent and yields by 29 percent year on year, largely explained by the mismatch between demand and supply.