Transat secures an additional $250M in emergency federal aid, reports Q3 loss
Montreal - Travel company Transat A.T. Inc. has secured an additional $250 million in emergency federal aid to combat the rising costs of jet fuel, according to the company's latest report. This comes as Transat reports a loss of $106.6 million or $2.60 per share for the quarter ending July 1, a stark contrast to the $399.8 million profit in the same period last year.
The company's parent, Air Transat, attributes the financial strain to the high prices of fuel. In the latest quarter, Transat's revenue reached $792.7 million, marking an increase from $766.3 million in the prior year.
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