Air Canada today reported that it had made a $1.55 billion Q2 operating loss on total revenues that fell from $4.7 billion in 2019 to $527 million this year.
The Canadian carrier has liquidity of $9.1 billion at the end of Q2, up from $7.4 billion at December 31, 2019.
"As with many other major airlines worldwide, Air Canada's second quarter results confirm the devastating and unprecedented effects of the COVID-19 pandemic and government-imposed travel and border restrictions and quarantine requirements,” said Calin Rovinescu, chief executive of Air Canada.
“Canada's federal and inter-provincial restrictions have been among the most severe in the world, effectively shutting down most commercial aviation in our country, which, together with otherwise fragile demand, resulted in Air Canada carrying less than four per cent of the passengers carried during last year's second quarter.
In the face of such an impossible operating environment, I am extremely proud of the outstanding efforts our team is making, doing everything possible to successfully navigate this crisis, leveraging our strong balance sheet and the many other assets we developed or acquired over the last decade," he added.