Canada Jetlines saw its operating revenues for the second quarter of 2023 rise by 72.8% over the first quarter of the year.
Total operating revenues were $8.8 million as compared to $5.1 million in the previous quarter, an increase of 72.8%. Most of that -- $6.34 million – were earned from the operation of charter and ACMI (Aircraft, Crew, Maintenance, and Insurance) flights, an increase of 87.5% over Q1.
Total operating expenses for the second quarter 2023 were $9.23 million as compared to $8.15 million in the previous quarter, an increase of 13%. The airline says increases were primarily driven by increased flying activity.
Total assets increased to $27,860,429 at the end of the current quarter, while total liabilities increased to $33,753,436 from $28,948,171 as at December 31, 2022. Jetlines says the increase was made up of the liabilities associated with an increase in deferred revenue and an increase in accounts payable and accrued liabilities.
“We are pleased to report that several key milestones were achieved in Q2 2023,” said CEO Eddy Doyle.
“The company has achieved exceptional flying hours in Q2 2023 as compared to Q1 2023, an increase of 265% and a 72.8% increase in its operating revenue. Canada Jetlines also took delivery of its third aircraft at the end July 2023. The company intends to add up to two additional aircraft to its fleet in 2023 and continue to grow its schedule, with the upcoming fall/winter season, and grow its Charter/ACMI business,” Doyle added.
Canada Jetlines says it will require more investment going forward.
“Based on the company’s working capital position, the company will need to raise additional capital to support its business plan. The company is seeking additional capital in the form of debt, convertible debt or equity 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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