Air Canada (AC.TO) reported a better-than-expected quarterly revenue on Tuesday, as Canada’s decision to open its borders to fully-vaccinated travelers and improving COVID-19 inoculation rates drove bookings at the country’s largest carrier.
North American airlines have reported upbeat results this quarter as vaccinated travelers, who have not seen friends and family for over a year, take to the skies.
Canada’s decision to open its borders also benefited Air Canada, which generated net cash of C$153 million ($123.34 million) in the third quarter, compared with its earlier expectation of a net cash burn between C$280 million and C$460 million.
«We are encouraged by the favourable revenue and traffic trends in the third quarter» Chief Executive Officer Michael Rousseau said in a statement.
