Air Canada said it would return to 2019 capacity levels next year on strong travel demand, after reporting a larger-than-expected quarterly loss per share. The carrier's shares plunged more than 10% in morning trade
Air Canada planes are parked at Toronto Pearson Airport in Mississauga, Ontario, Canada April 28, 2021. REUTERS/Carlos Osoriosaid on Friday it would return to 2019 capacity levels next year on strong travel demand, after reporting a larger-than-expected quarterly loss per share.North American carriers are adding seats to meet surging travel demand after a pandemic-induced slump, despite global economic uncertainty, while also wrestling with higher labour costs.
"We're seeing significant inflationary pressures, again, because of labour shortages a little bit around the world," Air Canada's Chief Financial Officer Amos Kazzaz told analysts.Air Canada's cost per available seat mile is expected to rise about 13% to 15% above 2019 levels this year. Canada's largest carrier said it expects its 2023 capacity to increase by about 24% from a year earlier to hit 90% of pre-pandemic levels, after reporting record fourth-quarter revenue.
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