Adds details from the press statement
Nov 2 (Reuters) – Air Canada AC.TO reported a smaller quarterly loss on Tuesday, as Canada’s decision to open its borders to fully-vaccinated travelers and improving COVID-19 inoculation rates drove bookings at the country’s largest carrier.
North American airlines have reported upbeat results this quarter as vaccinated travelers, who have not seen friends and family for over a year, take to the skies.
Canada’s decision to open its borders also benefited Air Canada, which generated net cash of C$153 million ($123.34 million) in the third quarter, compared with its earlier expectation of a net cash burn between C$280 million and C$460 million.
“We are encouraged by the favourable revenue and traffic trends in the third quarter” Chief Executive Officer Michael Rousseau said in a statement.
Air Canada reported a loss of C$640 million, or C$1.79 per share in the quarter, compared with a loss of C$685 million, or C$2.31 per share, a year earlier.
Operating Revenue rose to C$2.1 billion, from C$757 million, a year ago.
($1 = 1.2405 Canadian dollars)
(Reporting by Nathan Gomes in Bengaluru; Editing by Shailesh Kuber)
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