The revenue of Air Canada’s drop of 89 % due to the pandemic

Les revenus d’Air Canada chutent de 89 % à cause la pandémie

Photo: Mark Blinch Archives The canadian Press
The company announced reductions of staff, covering approximately 20 000 employees, more than 50 % of its staff.

The crisis of the COVID-19 has heavily impaired the performance of Air Canada in the second quarter of the current year.

The airline reported on Friday that, compared to the corresponding period of the previous fiscal year, during which it had achieved a net profit of $ 343 million, it has suffered a net loss of 1,752 billion $, that is, a loss per share of $6.44.

The revenue of Air Canada have fallen by 89 % in the second quarter of 2020 and to 30 June, its net debt was $ 4,564 $ billion, an increase of 1,723 billion $ compared to December 31, last.

In the second quarter, the carrier based in Montreal, has reduced its capacity by 92 % compared to the corresponding quarter of 2019 and provides for the lower of approximately 80 % during the third quarter of 2020.

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The company announced reductions of staff, covering approximately 20 000 employees, more than 50 % of its staff. She is also working on the withdrawal of its fleet of 79 older aircraft, either the Boeing 767, the Airbus A319 and E190 Embraer aircraft.

The president and chief executive officer of Air Canada, Calin Rovinescu, said the second quarter results confirm the effects of the devastating and unprecedented pandemic of COVID-19 and restrictions on movement, border closures and quarantine imposed by government authorities. He noted that Air Canada carried less than 4 % of the number of passengers transported in the second quarter of the previous fiscal year.

Mr. Rovinescu believes that it is urgent that the government of Canada to take measures to reopen cautiously to the border, and to restore economic activity.

He argues that elsewhere in the world, other jurisdictions demonstrate that it is possible to safely manage the priorities of public health, the economic recovery, as well as the preservation and creation of jobs.

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