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Canada Jetlines Announces 2022 Financial Results
Canada Jetlines, the self-identifying ‘value-focused leisure carrier’, has announced its full-year 2022 annual financial results reporting a loss of 13.4 million Canadian dollars ($9.9 million). The Canadian carrier began operations on 22 September 2022 with service from Toronto Pearson International (YYZ) to Calgary (YYC). A loss is to be expected given the cost of start-up operations and the leasing of two Airbus A320 aircraft. Jetlines reported total operating revenues for 2022 of 3.3 million Canadian dollars.
Eddy Doyle the airline’s chief executive officer stated: “We are pleased to report that several key milestones were achieved in 2022 that allowed Canada Jetlines to get airborne. In March 2022, Canada Jetlines received determination of Canadian ownership and control by the CTA (Canadian Transportation Agency) and in the month of May 2022 the CTA concluded that the company had sufficient funds to meet the CTA requirements to issue its commercial license once the Air Operator Certificate (AOC) would be issued by Transport Canada.”
“In November 2022 the Company completed its first charter flight and several ACMI (aircraft, crew, maintenance and insurance) flights for other carriers. The charter component of the business grew rapidly in December 2022 and with the entry into service of its second aircraft, Canada Jetlines fleet was being fully utilized throughout the month with most of its flights being composed of charter and ACMI lease contracts.”
Canada Jetlines met United Stated Federal Aviation Aviation (FAA) and Department of Homeland Security (DHS) requirements in late 2022. Services from YYZ to Las Vegas and Cancun began in February and March respectively and the airline has sights on other destinations south of the Canadian border. Doyle also added that the airline was seeing “a continuous improvement in our aircraft utilization as we grow our network and increase our charter business.”
In addition, this month Canada Jetlines announced that it was in discussions with Qatar Airways ‘to explore a potential collaboration between the two airlines,’ and ‘the possibility of including non-stop flights between Toronto-Pearson and Doha.’ Qatar currently flies non-stop to Montreal’s Trudeau International (YUL) from its Doha hub.
“We are pleased to discuss potential opportunities with Qatar Airways, an international airline known for its world-class service and consistently recognized by the industry and consumers as the best airline in the world,” Doyle said at the time of the announcement. The potential codeshare agreement would be ‘subject to government approval and completing all applicable agreements between the two airlines.’
To support its business plan Canada Jetlines has advised it will need to raise additional capital ‘in the form of debt, convertible debt or equity.’ Such additional capital would be required ‘in order to further invest in the business and facilitate the continued growth of the fleet, including the acquisition of additional leased aircraft, as well as additional working capital.’
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