AIR CANADA LOST $4.6B IN 2020 CAPPING INDUSTRY'S ''BLEAKEST YEAR'' EVER

Feb 12, 2021

By Bob Komsic

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The country’s biggest airline’s final quarter numbers and those for the entire year ”close the book on the bleakest year in the history of commercial aviation.”
Here’s why Air Canada CEO Calin Rovinescu made that comment.
The airline’s revenue for 2020 fell by $13.3-billion to $5.9-billion.
Passenger volume plunged by 73%.
Air Canada burned though an average of $13-million-a-day last year and debt increased by $2-billion to $7-billin.
In the fourth quarter, it posted a loss of $1.2-billion compared with a profit of $152-million in the same period the year before.
Air Canada reported a loss of $4.6-billion for all of last year compared with a profit of $1.5-billion a year earlier.
The pandemic has forced the airline to lay off more than 20,000, retire dozens of planes and suspend routes and airport operations to save money.
Meanwhile, the airline’s CEO says he’s encouraged by bailout talks with Ottawa.
”While there is no assurance at this stage that we will arrive at a definitive agreement on sector support, I am more optimistic on this front for the first time,” said Rovinescu, who retires February 15.
He’ll be replaced by CFO Michael Rousseau.
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