MONTREAL — Air Canada reported a fourth-quarter profit of $184 million, up from $168 million a year earlier, as its operating revenue rose 11 per cent.
The airline says the profit amounted to 41 cents per diluted share for the quarter ended Dec. 31, 2023, compared with 41 cents per diluted share in the last three months of 2022.
Operating revenue totalled $5.18 billion, up from $4.68 billion in the fourth quarter of 2022.
The airline says the increase came as its operated capacity increased nine per cent compared with a year earlier.
“These results stem from the effective management, hard work and customer centric approach of everyone at Air Canada. I thank the entire team for their dedication as we safely transported more than 46 million passengers in 2023. The focus on operational improvements was evident as, even with the growth in traffic and ongoing supply chain challenges, our key operational metrics and customer satisfaction improved year over year,” said Michael Rousseau, President and Chief Executive Officer of Air Canada.
“We also took important steps during the year to enable ourselves to continue performing consistently as we remain firmly committed to our plan and to enhancing our level of customer service, improving our operational reliability, strategically adding to our key hubs and network and growing profitably. We strengthened our balance sheet, reduced our debt and, despite the continuing macroeconomic and structural cost pressures on our industry, our unit costs were contained within our adjusted CASM guidance. Additionally, we will continue to expand Aeroplan, a key driver of customer loyalty that has doubled its membership to eight million members over the last five years,” he added.
Operating expenses increased eight per cent due to higher costs reflecting the increased capacity and traffic, partially offset by lower jet fuel prices.
On an adjusted basis, Air Canada says it lost 12 cents per diluted share in its latest quarter, compared with an adjusted loss of 61 cents per diluted share a year earlier.
With file from The Canadian Press
