Transat loss much worse than expected

Transat A.T. shares slipped to their lowest level in years on Thursday after the Montreal-based travel and vacation company reported a $13.2-million loss that was far worse than analysts expected.

Transat said the loss in the second quarter ended April 30 was the equivalent of 35 cents per diluted share before adjustments and 64 cents per share on an adjusted basis.

Analysts had been looking for Transat’s adjusted loss to be about four cents per share. The adjusted loss of $24.5 million compared to a profit of $600,000 or two cents per share a year ago.

Ben Vendittelli of Laurentian Bank Securities said the results are “very negative” and that Transat is showing no signs of progress.

Read Full Article from Toronto Star

- Posted: 2012-06-14 14:40:22

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