Transat reports $29.5M Q1 loss, revenue up five per cent from year ago
BNN Bloomberg
Travel company Transat A.T. Inc. reported a loss of $29.5 million in its latest quarter compared with loss of $122.5 million a year earlier as its revenue rose five per cent.
The company says the loss amounted to 73 cents per diluted share for the quarter ended Jan. 31, compared with a loss of $3.10 per diluted share last year.
Revenue totalled $870.7 million for what was Transat’s first quarter, up from $829.5 million a year earlier.
On an adjusted basis, Transat says it lost $1.18 per share in its latest quarter compared with an adjusted loss of $1.90 per share a year earlier.
The results come ahead of the company’s annual meeting today.
Media magnate Pierre Karl Péladeau is trying to overhaul Transat’s board but Glass Lewis and Institutional Shareholder Services (ISS) have both recommended that shareholders vote against the Quebecor CEO’s proposal to install himself and two associates on a slimmed-down board.
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