MONTREAL — Transat A.T. Inc. reported a loss of $49.6 million in its latest quarter compared with a loss of $3.2 million a year earlier as it was hurt by rising costs.

The travel company says the loss amounted to $1.32 per diluted share for the quarter ended Jan. 31 compared with a loss of nine cents per share a year ago when its results benefited from the sale of its Jonview subsidiary.

Revenue in what was the company’s first quarter totalled $647.6 million, down from $648.4 million.

The company says it was hurt by a rise in operating costs due to the weakening of the loonie against the U.S. dollar, higher fuel prices and additional costs related to the transition and optimization of its fleet.

On an adjusted basis, Transat says it lost $36 million or 96 cents per share in its most recent quarter compared with an adjusted loss of $32.2 million or 87 cents per share a year earlier.

Analysts on average had expected a loss of 78 cents per share and revenue of 760.7 million, according to Thomson Reuters Eikon.

“We’re at the heart of the implementation cycle of our strategic plan,” says Jean‑Marc Eustache, President and CEO of Transat. “The material transformations, especially in the fleet, lead to an increase in costs, which is a necessary step in order to improve our medium-term performance. If we add fuel and currency to that, we did not yet have all the right cards in hand to improve our results. We look forward to seeing our first two A321LRs arrive in the next three months, the first step before we start reaping the benefits of the changes in the coming years.”