Air Canada says it is halving its flight capacity in the second quarter and withdrawing its earnings forecast for 2020 and 2021 amid a “severe drop in traffic” due to the novel coronavirus.
Chief executive Calin Rovinescu says COVID-19 is presenting the global airline industry with “unprecedented challenges.”
The Star Alliance Group, which includes Air Canada, on Monday called on governments and stakeholders to offer assistance to the airline sector.
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Air Canada says capacity reduction in Pacific markets for the month of April will likely hit 75 per cent.
The Montreal-based company says lower jet fuel prices along with cost-saving measures such as layoffs will offset up to 60 per cent of its total revenue loss for the second quarter.
Last month, Air Canada said it expected a “small increase” in adjusted earnings for 2020, based largely on the assumption that its cancelled routes to China and Hong Kong would be fully recovered by the third quarter.
