Air Canada reported a second-quarter profit of $410 million, down from $838 million a year earlier, as its operating revenue edged higher.

The airline says its net income amounted to $1.04 per diluted share for the quarter, down from $2.34 per diluted share in the same quarter last year.

Operating revenue totalled $5.52 billion, up from $5.43 billion a year earlier.

The rise came as the airline increased its operated capacity by 6.5 per cent compared with last year.

On an adjusted basis, Air Canada says it earned 98 cents per diluted share, down from an adjusted profit of $1.85 per diluted share in the same quarter a year ago.

In its outlook, the airline says it plans to increase its available seat mile capacity in the third quarter by between four and 4.5 per cent compared with the same quarter in 2023.

According to Michael Rousseau, President and Chief Executive Officer, the airline will continue to adapt to market conditions, manage capacity proactively and contain costs through productivity and other initiatives.

“We further diversified our network, including with services to Singapore, Stockholm and India, and enhanced our operational flexibility by securing an additional eight Boeing 737-8 aircraft, set to enter service next year. These actions reaffirm our dedication to our customers, whom I thank for their continued loyalty.  We are proud of our role as Canada’s leading global airline, connecting Canada to the world,” said Rousseau.

Rousseau thanked Air Canada’s employees for their hard work “in safely transporting 11.6 million customers in the quarter,” which led to the airline being ranked the best airline in Canada, receiving “five honours at the Skytrax 2024 World Airline Awards, the most of any Canadian carrier.”

Source: Travelweek