Transat A.T. Inc. (TRZ_A.TO), one of the largest integrated tourism companies in the world and Canada's holiday travel leader, reported third-quarter net income to shareholders of C$9.4 million or C$0.25 per share compared to a loss of C$2.8 million or C$0.07 per share last year. Revenues decreased to C$909.1 million from C$937.0 million last year. Before non-cash and non-operating items, Transat reported an adjusted after-tax income of C$10.5 million or C$0.28 per share for the period.
Revenues of North American business units, which are generated by sales in Canada and abroad, decreased by C$15.6 million from last year. The company attributed the decrease mainly to the decision to reduce capacity on the transatlantic market and sun destinations, hence a lower number of travellers. Revenues of European business units, which are generated by sales made in Europe and in Canada, decreased by C$12.3 million over 2011. The company said the decrease is mainly attributable to a lower number of travellers and the exchange rate variance for the dollar versus the euro.
Looking forward, Transat said, business conditions remain demanding, but the outlook for the fourth quarter has improved during the last three months. The implementation of the measures contained in the Corporation's plan to return to profitability is proceeding. For the fourth quarter, Transat expects to record an increase in margin over last year.
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