(Reuters) -Air Canada raised its annual core profit forecast on Friday, as the country’s largest carrier benefits from strong demand for international travel.
Major North American carriers with international operations are cashing in on a booming demand for overseas travel and a resurgence in business bookings.
Air Canada is increasing its daily flights to China, while also adding capacity to other Asia Pacific routes.
The carrier now expects its 2024 adjusted earnings before interest, taxes, depreciation and amortization of about C$3.5 billion ($2.51 billion), compared with its previous forecast of C$3.1 billion to C$3.4 billion.
Its profit rose to C$2.04 billion, or C$5.38 per share, from C$1.25 billion, or C$3.08 per share, a year earlier.
Air Canada’s net income for the quarter included a favourable tax asset recognition of C$1.15 billion.
($1 = 1.3929 Canadian dollars)
(Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi Majumdar)
Comments