Canada Jetlines Reports Q2 Financial Results
Originally published on AviationSource
Canada Jetlines, the recently launched Canadian low-cost carrier, has announced its second quarter financial results, and the news coming out is actually in favor of the airline.
Canada Jetlines Q2 performance
Photo Credit: Canada Jetlines via Twitter
Canada Jetlines has reported a total operating revenue of CAD $8.8 million in Q2 of FY 2023-2024, after the airline only reported a revenue of CAD $5.1 million for Q1 of FY 2023-2024.
Many factors attributed to these results and one of the main contributing factors has been the increase in charter and ACMI (aircraft, crew, maintenance, and insurance) flights.
With that said, the airline’s total operating expenses for Q2 were CAD $9.23 million compared with CAD $8.15 million in Q1. The increase was driven by increased flying activity.
Comments by Canada Jetlines CEO
On the results, President and Chief Executive Officer of Canada Jetlines, Eddy Doyle, stated: “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.”
“Canada Jetlines also took delivery of its 3rd aircraft at the end July 2023. The Company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business.”
A third aircraft
Earlier this year, Canada Jetlines announced the acquisition of a third Airbus A320 aircraft for their fleet. Since operations commenced in September of last year, the company has flown with two Airbus A320 aircraft in its fleet.
In July 2023, the airline took delivery of its third 3rd aircraft. The aircraft is a 2007 built Airbus A320ceo, which flew with Interjet until 2020.
By the end of this year the low-cost airline hopes to add two additional aircraft as it ramps up capacity ahead of the busy fall/winter season.
