Air Canada reports $685M third quarter loss compared with $636M profit a year ago

MONTREAL — 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.

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.

Air Canada says the total number of passengers carried in the quarter was down 88% 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.