Transat A.T. cuts Q1 loss in half at $15.1M; revenue down slightly at $805.7M

MONTREAL – Transat A.T. Inc. has reported a big improvement in its fiscal 2013 first-quarter results compared with a year ago, but remains mired in red ink as the integrated vacation tour operator also saw revenue decline on reduced capacity.

Montreal-based Transat (TSX:TRZ.B) says its net loss for the three months ended Jan. 31 was $15.1 million or 39 cents per share on a diluted basis.

That almost halved its net loss of $29.5 million or 77 cents per share in the same 2012 period.

Revenue slid to $805.7 million from $829.3 million, down $23.6 million or 2.8 per cent.

Meanwhile, the company reported an adjusted after-tax loss of $21.6 million or 56 cents per share in the quarter, compared with $29.9 million or 79 cents in 2012.

Transat A.T. is an integrated international tour operator that offers packaged holidays to more than 60 destinations in some 50 countries, but operates mainly in Canada and Europe as well as the Caribbean, Mexico and the Mediterranean Basin.