MONTREAL - Travel company Transat AT Inc. says that its daily bookings have been lower than last year's since Feb. 24 and the difference has increased significantly in recent days amid the spread of COVID-19 around the world.
The company says it is impossible to predict the effect on future bookings, and as a result it will not provide an outlook for the second quarter or for the summer.
Transat chief executive Jean-Marc Eustache says the company is taking all the necessary measures to allow its clients to travel with peace of mind.
The comments came as Transat reported a first-quarter loss of $33.8 million or 90 cents per diluted share compared with a loss of nearly $53 million or $1.41 per diluted share in the same period a year earlier. Revenue for the quarter ended Jan. 31 totalled $692.8 million, up from $647.6 million a year ago.
On an adjusted basis, Transat says it lost 54 cents per share for the quarter compared with an adjusted loss of $1.04 per share in the same period a year earlier.
Shareholders at Transat, which owns Air Transat, approved a $720-million acquisition offer from Air Canada last year. The deal still requires regulatory approvals.
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