Air Canada reports smaller adjusted loss on resilient international demand

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North American carriers with major international operations are benefiting from a rise in demand, as consumers choose to spend on experiences over goods despite a squeeze in budgets.

Airlines were able to cash in on the strong holiday travel period, which saw an influx of travelers. About 2.6 million customers took Air Canada flights between Dec. 18 and Jan. 6, about 10% more than in the same period in 2022.

The carrier’s fourth-quarter adjusted loss narrowed to C$44 million ($32.64 million), or C$0.12 per share, from C$217 million, or C$0.61 per share, a year earlier.

The Canadian carrier’s quarterly operating revenue rose 11% to C$5.18 billion in the quarter.

($1 = 1.3480 Canadian dollars)