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MONTREAL, May 7, 2021 /CNW Telbec/ - Air Canada today reported first quarter 2021 financial results:
Operating revenues of $729 million, a decline of $2.993 billion or 80 per cent from the first quarter of 2020.
Negative EBITDA
(1
) (earnings before interest, taxes, depreciation and amortization), excluding special items, of $763 million compared to EBITDA of $71 million in the same quarter of 2020.
Operating loss of $1.049 billion compared to an operating loss of $433 million in the first quarter of 2020.
Net cash burn of $1.274 billion, or approximately $14 million per day, on average.
Unrestricted liquidity amounted to $6.582 billion at March 31, 2021. The persistence of COVID-19 and its resurgence in Canada are weighing heavily on the Canadian airline industry, as reflected in Air Canada s first quarter results. Still, through the hard work and dedication of our employees, we are operating a limited schedule for necessary travel and to ship ess
Transat A.T. Inc. announced on April 29 that it has reached an agreement with the Government of Canada to borrow up to $700 million in additional liquidity through the Large Employer Emergency Financing Facility (LEEFF). The agreement reached with the Government of Canada provides us with an additional $700 million in liquidity, which is the amount we needed to move forward with confidence,â stated Jean-Marc Eustache, President and Chief Executive Officer. âOur strong balance sheet prior to the pandemic and the aggressive actions we have taken since have enabled us to weather this unprecedented crisis so far. With this support, we now look forward to resuming operations as soon as safe travel is possible and travel restrictions can be lifted. We will then be able to implement our plan to make Transat a solid and profitable company once again, one that will continue to symbolize leisure travel for its many customers in Quebec and elsewhere.
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Transat A.T. Inc. has struck a deal to borrow up to $700 million from the federal government and said it would immediately start refunding customers whose travel plans were upended by COVID-19.
The fully repayable credit facilities are being made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, Transat said Thursday in a statement. Transat said it only plans to use the funds on an as-needed basis. If all of the available facilities are used, the average interest rate will be about six per cent.
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Transat A.T. Inc. has struck a deal to borrow up to $700 million from the federal government and said it would immediately start refunding customers whose travel plans were upended by COVID-19.
The fully repayable credit facilities are being made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, Transat said Thursday in a statement. Transat said it only plans to use the funds on an as-needed basis. If all of the available facilities are used, the average interest rate will be about six per cent.
We apologize, but this video has failed to load.
Article content
Transat A.T. Inc. has struck a deal to borrow up to $700 million from the federal government and said it would immediately start refunding customers whose travel plans were upended by COVID-19.
The fully repayable credit facilities are being made available by the Canada Enterprise Emergency Funding Corporation under the Large Employer Emergency Financing Facility, Transat said Thursday in a statement. Transat said it only plans to use the funds on an as-needed basis. If all of the available facilities are used, the average interest rate will be about six per cent.
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