An Air Canada jet takes off from Halifax Stanfield International Airport in Enfield, N.S. on Thursday, March 8, 2012. THE CANADIAN PRESS/Andrew Vaughan

An Air Canada jet takes off from Halifax Stanfield International Airport in Enfield, N.S. on Thursday, March 8, 2012. THE CANADIAN PRESS/Andrew Vaughan

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

Passengers in the quarter down 88 per cent

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 per cent 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.

This report by The Canadian Press was first published Nov. 9, 2020.

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