Air Canada says it lost $1.05 billion in its first quarter compared with a profit of $345 million in the same quarter last year as governments imposed travel restrictions around the world due to the COVID-19 pandemic.
The airline says the loss amounted to $4.00 per diluted share for the quarter compared with a profit of $1.26 per diluted share in the first quarter of 2019.
Operating revenue fell to $3.72 billion compared with $4.43 billion in the year ago quarter. On an adjusted basis, Air Canada says it lost $392 million or $1.49 per diluted share in the first quarter of this year compared with an adjusted profit of $17 million or six cents per diluted share in first three months of 2019.