Air Canada reports $685M loss in third quarter amid COVID-19 pandemic

An Air Canada worker clean her ticketing station at Pearson International Airport in Toronto on Wednesday, April 8, 2020. THE CANADIAN PRESS/Nathan Denette

Air Canada reported a $685-million loss in its third quarter compared with a profit of $636 million in the same quarter last year as the number of people flying plunged due to the COVID-19 pandemic and related travel restrictions.

The airline says the loss amounted to $2.31 per diluted share compared with a profit of $2.35 per diluted share in the third quarter of 2019.

Operating revenue in the quarter was $757 million, down from $5.53 billion in the same quarter last year.

[ Sign up for our Health IQ newsletter for the latest coronavirus updates ]

READ MORE: Ottawa won’t support Canadian airlines unless they issue refunds to passengers: Garneau

The airline says its net cash burn for the quarter totalled $818 million or approximately $9 million per day, better than its expectations for between $1.35 billion and $1.6 billion or between $15 million and $17 million per day.

Story continues below advertisement

Air Canada says the total number of passengers carried in the quarter was down 88 per cent compared with a year ago.

It says it plans to cut its fourth-quarter capacity by approximately 75 per cent compared with the fourth quarter of 2019.

Click to play video: 'Air Canada promotes leisure flights despite travel advisories'
Air Canada promotes leisure flights despite travel advisories

Sponsored content