Air Canada posted a staggering $1.16 billion loss in the fourth quarter of 2020, a result that caps off what the company’s chief executive called the bleakest year in aviation history.
Despite the losses, Air Canada president and CEO Calin Rovinescu said on a call with analysts Friday morning that he was encouraged by the progress of recent talks with the federal government about a bailout package for the sector, which have been ongoing for months without a resolution.
“While there is no assurance at this stage that we will arrive at a definitive agreement on sector support, I am more optimistic on this front for the first time,” Rovinescu said.
The company released its earnings report on the heels of last night’s news that the Canadian government approved Air Canada’s $190-million purchase of Transat A.T.
Air Canada’s fourth quarter financial report, released this morning, says the company had a net loss of $1.16 billion or $3.91 per diluted share in the fourth quarter of 2020, compared with profit of $152 million or 56 cents per diluted share in the fourth quarter of 2019.