Transat loss more than doubles on fees, compensation ahead of Air Canada deal
ERIC ATKINS TRANSPORTATION REPORTER PUBLISHED SEPTEMBER 12, 2019 UPDATED 10 HOURS AGO
Airline and tour operator Transat AT Inc.’s third-quarter loss more than doubled due to fees and executive compensation relating to its impending takeover by rival Air Canada.
For the three months ending on July 31, Montreal-based Transat said it lost $11-million, or 29 cents a share, compared with a loss of $5-million or 13 cents in the same period of 2018.
Revenue rose by 5 per cent to $700-million as vacation prices rose and the number of customers increased by 4 per cent in the company’s main market of transatlantic travel, Transat said in a premarket release on Thursday morning.