Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeOil & GasTransportationAirlinesAir Transat reports operating loss in 'disappointing' Q2 amid fuel crisisThe airline warned in mid-May that the surge in jet fuel prices would be reflected in its fiscal Q2 resultsLast updated 41 minutes ago You can save this article by registering for free here. Or sign-in if you have an account.Transat also reported a net loss of $79.0 million or $1.94 per share in the quarter, versus a net loss of $22.9 million or $0.58 per share last year. Photo by Kevin Miller/PostmediaTransat A.T. Inc. saw a significant decline into an adjusted operating loss in the second quarter as high aviation fuel prices and the suspension of flights to Cuba negatively impacted results.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe airline on Thursday reported a loss or negative adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $20.7 million in the second quarter, a 121 per cent drop from an adjusted EBITDA of $98.4 million last year.“Following a solid first quarter that continued the positive momentum of fiscal 2025 … second-quarter results were disappointing as factors largely beyond our control severely impacted profitability,” said Transat chief executive Annick Guérard in the earnings release.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againGuérard said the suspension of flights to Cuba since earlier this year and the industry-wide fuel crisis caused by the Iran war have resulted in an estimated negative impact of $95 million on adjusted EBITDA. Approximately $70 million of this decline is attributable to higher fuel costs in March and April, she said.She added that the impact of rising aviation fuel prices persisted through May, bringing additional costs compared to the same period last year.Transat also reported a net loss of $79.0 million or $1.94 per share in the quarter, versus a net loss of $22.9 million or $0.58 per share last year.In a note to clients following the release, National Bank analyst Cameron Doerksen said that Transat warned in mid-May that the surge in jet fuel prices would be reflected in its fiscal Q2 results without much benefit from fuel surcharges or other pricing actions, given that the majority of bookings for the quarter were made prior to the spike in costs.The carrier implemented measures early in the conflict — including surcharges on new bookings and selective capacity adjustments across its network — to mitigate the effects of higher operating costs.“While surcharges on new bookings were initially well absorbed by consumers and effectively mitigated the impact of rising fuel costs, recent market volatility has weakened pricing power,” said CEO Guérard. 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