Fuel hits Transat’s Q1 Results

Transat A.T. Inc. reports that it had revenues of $829.3 million for the quarter ended Jan. 31, 2012, compared with $810.2 million in 2011 — an increase of $19.1 million, or 2.4%. It had an operating loss of $31.8 million, compared with $14.5 million in 2011 and a net loss of $29.5 million ($0.77 per share on a diluted basis), compared with $13.4 million ($0.35 per share on a diluted basis) in 2011. Before non-operating items, Transat had an adjusted after-tax loss of $29.9 million in 2012 ($0.79 per share on a diluted basis), compared with $19.3 million ($0.51 per share on a diluted basis) in 2011. Jean-Marc Eustache, president and CEO of Transat, said: “The results were hit by high aircraft fuel costs, as market conditions made it impossible to increase selling prices sufficiently to fully offset the increase. Meanwhile, we are proceeding as planned with the implementation of a 3-year plan to return to profitability, announced last fall.” Go to http://www.transat.com for more.