Air Canada reported a loss of $ 526 million in its third-quarter financial results. The company is considering staff layoffs, flight disruptions and cancellations of aircraft deliveries among its long-considered cost-cutting plans.
Air Canada posted a profit of $ 636 million in the third quarter the previous year, compared with a loss of $ 526 million this year. The company’s passenger traffic decreased by 88% compared to the third quarter of 2019.
On November 9, 2020, Air Canada announced its recovery plan for this difficult process. The company will shrink its fleet to reduce losses and plans to delay deliveries of new aircraft. In the process, it was reported that they would cancel orders for 10 Boeing 737 Max and 12 Airbus A220 aircraft altogether.
” We are postponing the delivery of new Boeing 737-8 and Airbus A220 aircraft scheduled for delivery in 2021 and 2022 and cancelling 10 Boeing 737-8 and 12 Airbus A220s, which represent about 40% of the remaining planned deliveries,” Calin Rovinescu said in a press release.