Canada Jetlines reports solid financial results for the third quarter of this year.
The Toronto-based airline reported operating revenues for the quarter of $13.4 million, up 52.1% compared to the second quarter of 2023. Operating income was $804,000, an increased of $1.28 million versus the second quarter.
Jetlines also reported adjusted EBITDAR (earnings before interest, taxes, depreciation, amortization and aircraft rent) of $1.9 million, a jump of more than $1.6 million compared to Q2.
"We are extremely pleased to report strong financial results for Q3 2023,” said Eddy Doyle, CEO and President of Jetlines. “It is a rare achievement for an airline to have positive net income in any quarter during its first 12 months of operations.
“In addition to our Las Vegas and Cancun destinations, we started scheduled service from Toronto to Orlando on 30OCT and will be starting Toronto to Montego Bay, Jamaica in December 2023. We are well positioned to service the demand heading into the holiday season."
Jetlines reported total operating revenue for the third quarter 2023 was $13.4 million, compared to $8.8 million in the previous quarter. That’s an increase of 52.1%.
Company officials say they continue to grow their Charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) operations. That division generated $12.28 million in revenue in Q3 2023 compared to $6.34 million in the second quarter, a healthy increase of 93.6%.
