Air Canada's operating revenues nearly tripled year over
year to $2.1 billion Canadian in the third quarter, though they remain at about
40 percent of pre-Covid-19 levels.
Overall revenue recovery has been quicker than expected,
though corporate travel recovery continues to lag, Air Canada EVP and chief
commercial officer Lucie Guillemette said in an earnings call. The carrier
expects to see a "significant rebound" in business travel in 2022,
led by small and medium-sized businesses, she said.
"Domestically, we see improvements [in corporate travel
demand] week over week, but not as fast as we would like to see, and we are
seeing similar trends on the transborder market, where corporate business is
starting again but a little bit slower than what we would like,"
Guillemette said. "On international markets, it will take a little bit
more time."
Air Canada's capacity in the third quarter, during which
Canada reopened
its borders to fully vaccinated U.S. visitors, was about a third of what it
was in 2019, though up 87 percent year over year. During the fourth quarter,
Air Canada expects to fly more than half of its 2019 capacity, an increase of
135 percent year over year.
Air Canada reported a net loss of $640 million Canadian for
the third quarter, an improvement of the $685 million Canadian net loss it
reported in the third quarter of 2020.
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