Transat AT reports $11M loss as it works to complete Air Canada deal
The Montreal-based travel company's shareholders voted last month to approve the takeover of the company by Air Canada
MONTREAL – Transat AT Inc. reports it had an $11.0-million loss in its latest quarter as it worked to complete a takeover of the travel company by Air Canada.
The Montreal-based travel company says the loss amounted to 29 cents per share for quarter ended July 31 compared with a loss of $5 million or 13 cents per share in the same quarter last year.
On an adjusted basis, Transat reported a profit of $5.7 million or 15 cents per share for the quarter compared with an adjusted loss of $5.0 million or 13 cents per share a year ago.
Revenue in what was the company’s third quarter totalled $698.9 million, up from $664.6 million.
Transat shareholders voted last month to approve the takeover of the company by Air Canada and a Quebec court has also signed off on the transaction.
However, the deal still faces regulatory hurdles. The company says it expects the agreement to close by the second quarter of the 2020 calendar year if the required regulatory approvals are obtained and conditions are met.