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High fuel prices produced a third-quarter loss at tour operator Transat A.T. Inc.
The company's fuel bill rose $30 million in the quarter, creating a "demanding" business climate, CEO Jean-Marc Eustache said Wednesday in a release.
But people continue to travel, he added, and the company's bookings for the rest of the summer are generally higher than in 2007.
Transat, whose holdings include the airline Air Transat, reported a loss of $2.4 million (seven cents a diluted share) for the three months ended July 31, contrasting with a profit of $16.1 million (47 cents) in the year-earlier quarter.
Revenue rose nearly 16 per cent, to $859.9 million from $741.8 million in 2007, reflecting higher prices and an increased number of travellers.
Transat Class B shares fell 63 cents to $17.30, a new 52-week low, on the TSX.
For the nine months ended July 31, profit was $28.1 million (84 cents a diluted share), compared with $71.9 million ($2.10) in 2007. Revenue rose to $2.72 billion from $2.37 billion.
The company's nine-month profit was reduced by writedowns related to its investments in asset-backed commercial paper, but there were no charges for that in the third quarter.
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