Business

Canada’s warning against trips abroad raise airline fears of confusion, cancellations

Published

3 years ago

December 15, 2021

A Canadian government advisory against traveling abroad due to the Omicron variant could lead to further confusion and cancellations ahead of the key holiday travel season, the country’s second-largest carrier said on Wednesday.

The advisory comes as Canadian carriers, hard hit by last year’s slump due to the COVID-19 pandemic, had seen a rebound in travel.

Global airlines have blamed a patchwork of shifting new testing rules and restrictions for setting back international travel, even as the World Health Organization has warned against blanket travel bans over Omicron.

It is not yet clear how the advisory issued on Wednesday will affect traffic, said Andy Gibbons, vice president of government affairs at Calgary, Alberta-based WestJet Airlines, but he added: “In the travel and tourism sector, uncertainty and confusion leads to cancellations.”

Privately-held WestJet expected about two-thirds of pre-pandemic holiday traffic this year. The carrier already had some cancellations because of confusion over a government announcement in November that people arriving by air from all nations except the United States would have to take a COVID-19 test.

Earlier on Wednesday, Flair Airlines Chief Executive Stephen Jones said the privately owned carrier had seen bookings slow down for the weeks following the holiday travel season due to Omicron.

While holiday bookings “are very good,” questions remain on how travel will look during the second half of January and February, he said before the government advisory.

“We’ve certainly seen a drop-off in bookings for those months,” he said.

Still, Alberta-based Flair will grow from 12 jets to a fleet of 30 aircraft by mid-2023, a time when traffic is expected to further recover, said Jones, a former executive at European budget powerhouse Wizz Air.

Jones, who is still targeting a fleet of 50 aircraft by 2025, said it is important to reserve delivery times now for the Boeing Co 737 MAX aircraft the carrier is leasing as demand rises.

“There’s definitely a firming of interest in the MAX,” he said.

Despite turbulence from Omicron, airlines globally are looking past the pandemic to renew fleets.

Jones said he expects international travel will rebound by summer as vaccinations increase.

“I’m actually very confident that by next summer, we’re going to have a very busy and very happy bunch of leisure travelers.”

(Reporting by Allison Lampert in Montreal; Editing by David Gregorio and Peter Cooney)

Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

23 hours ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

Source link

Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

Source link

Business

Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

2 days ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

Source link