DALLAS – Canada Jetlines (AU) has released its Q2 2023 financial results, revealing a loss of C$940,000 (US$698,000) for the period. This compared to a loss of C$3.6m (US$2.6m) for the same quarter last year.
Total operating revenues increased by 72.8% to C$8.8m (US$6.5m) from the C$5.1m (US$3.7m) recorded in Q2 2022.
The ultra-low-cost carrier (ULCC) said this was thanks to the continued expansion of its operations in both charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) flights. For the year so far, Canada Jetlines has completed some 340 charter and ACMI flights. In July, the airline reported a new record of hours flown by its aircraft to 622 block hours after taking delivery of its third Airbus A320.
Total operating expenses for the quarter were up by 13% to C$9.23M (US$6.8M), compared to C$8.15m (US$6m) in the previous quarter. The ULCC said these increases were ‘primarily driven by increased flying activity.’
It ended the quarter with C$5.1m (US$3.7m) in current assets, up from C$2m (US$1.4m) on 31 December. Meanwhile, its total liabilities increased to C$33.7m (US$24.9m), up from C$28.9m (US$21.4m) in December 2022.
“We are pleased to report that several key milestones were achieved in Q2 2023. The company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue,” said Eddy Doyle, president and CEO of Jetlines.
Canada Jetlines plans to unveil additional new scheduled services for the forthcoming autumn and winter season this month. It also plans to grow the fleet to five aircraft by the end of the year, with five more arriving in 2024 and a further five in 2025.
However, the airline added that it would need to raise additional capital to support its forward business plan. This is being sought in the form of debt, convertible debt or equity to further invest in the business and facilitate the continued growth of the fleet.
Featured Image: C-GCJL Canada Jetlines A320-200 CYYC. Photo: Brandon Siska/Airways.