Air Canada says post-COVID ‘revenge travel’ slowing as profits fall

Air Canada lost $81 million in its first quarter, falling below analysts’ expectations even as revenue and capacity ramped up. Canadians’ diminishing appetite for post-pandemic travel yielded thinner profit margins on fares, while a 21 per cent year-over-year rise in labour costs drove up overall expenses, the company said. “As expected, pent-up demand and ‘revenge travel’ factors are slowing over time,” said Mark Galardo, head of revenue and network planning, on a conference call with analysts Thursday. “Winter is challenging every year,” added CEO Michael Rousseau, referring to what is traditionally the toughest quarter for North American carriers. Nonetheless, the company boosted passe

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