Air Canada reports booming profits while reinforcing its commitment to the Caribbean
Air Canada’s stocks took flight on Wednesday after reporting booming second-quarter profits; beating the expectations of various analysts.
Addressing the news, Air Canada President and CEO, Calvin Rovinescu, explained that this result was based on managing costs in addition to revenue growth. Matter of fact, these results came about even after the launch of rival WestJet Airlines’ new regional carrier, Encore, in June.Reinforcing the operations of the airline and its success, Rovinescu said, “I’m convinced that we are gaining momentum in our transformation towards sustainable profitability and good value for our shareholders.” He added that, “The deployment strategy is principally focused on improving our competitive position on high volume, hyper-competitive routes.”
Boosting profit-making potential, the airline launched its discount carrier, Rouge, in July with four planes having destinations in Europe as well as the Caribbean. This supports Rovinescu’s pitch that Air Canada is focused significantly on its international expansion, expressing that there is also a joint venture with United Airlines and Lufthansa where these movements are concerned.