Air Canada says post-COVID ‘revenge travel’ slowing as profits fall

(Global / Canadian Press, May 2024) – Air Canada lost $81 million in its first quarter, falling below analysts’ expectations even as revenue and capacity ramped up.

Canadians’ diminishing appetite for post-pandemic travel yielded thinner profit margins on fares, while a 21 per cent year-over-year rise in labour costs drove up overall expenses, the company said.

“As expected, pent-up demand and ‘revenge travel’ factors are slowing over…