MONTREAL — Air Canada’s Q3 profit for 2023 is $1.25 billion, compared with a loss of $508 million in the same quarter last year.

Operating revenue totalled $6.34 billion in the company’s third quarter, up from $5.32 billion in the same quarter last year, boosted by higher passenger revenues.

“Air Canada performed strongly in the third quarter, generating solid operating revenues of more than $6.3 billion, a 19% increase over the same period last year. Our focus on growing our international network, building scale at our hubs and leveraging our solid partnerships is delivering strong results,” said Air Canada’s President and CEO, Michael Rousseau.

Air Canada transported 12.6 million customers during the busy and demanding summer season. Air Canada managed costs prudently, added Rousseau, with operating expenses rising 5%, on a 10% increase in capacity.

In its outlook, Air Canada says its adjusted cost per available seat mile (CASM) for 2023 is expected to be about 1.5% to 2.25% above 2022 levels compared with earlier expectations for its adjusted CASM to rise 0.5% to 1.5%.

“Viewed sequentially, Air Canada’s progressive performance to date proves the success of its strategy to grow back the airline and improve operational stability, while mitigating risks,” said Rousseau. “This requires navigating geopolitical uncertainty, inflation and the volatile fuel price environment, meeting increased competition and dealing with supply chain, and the evolving regulatory environment. Yet our demonstrated adaptability, combined with a stable demand environment, give us every confidence for the rest of the year and into 2024 despite the inevitable headwinds to which our global industry is prone. We will continue to manage our business with diligence.”

With file from The Canadian Press