Air Canada swings to profit of $2.28 billion in 2023 signalling Canada’s flag carrier has left behind the pandemic.

Air Canada AC-T +1.48% increase swung to a profit of $2.28-billion in 2023, reversing a $1.7-billion loss in the year before and signalling Canada’s flag carrier has left behind the pandemic.

Montreal-based Air Canada had operating revenues of almost $22-billion for the year, an increase of 32 per cent from 2022. Seat capacity rose by 20 per cent from the year earlier, Air Canada said in its earnings statement, released before markets opened on Friday morning.

 

On a per share basis, profit for 2023 was $5.96, compared with a loss of $4.75 in 2022.

Michael Rousseau, chief executive officer of Air Canada, said the carrier worked to reduce debt, contain costs and strengthen its balance sheet.

“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,” he said in a press release.

For the fourth quarter, profit rose by 9 per cent to $184-million, or 41 cents a share, from the same period in 2022. Operating revenues increased by 11 per cent to $5.2-billion, from a year ago.

 

This article was reported by Star