MONTREAL - Transat AT Inc. capped an unprecedented year by losing $238.1 million attributable to shareholders in the fourth quarter as revenues plunged 96 per cent from a year earlier.

The Montreal-based tour operator says the loss amounted to $6.31 per diluted share, compared with a profit of 62 cents per share or $23 million in the fourth quarter of 2019.

The adjusted loss was $156.4 million or $4.14 per share, compared with an adjusted profit of $30.1 million or 80 cents per share in the prior year's quarter.

Revenues for the three months ended Oct. 31 were $28.4 million, down $664.8 million from a year earlier on dramatically reduced service.

Transat's adjusted loss was expected to be $2.35 per share on $138.4 million of revenues, according to data firm Refinitiv.

The travel company that operates Air Transat says it expects regulatory approval for its takeover by Air Canada on Feb. 15. However, it is seeking $500 million in funding for next year if the transaction doesn't materialize.