Transat A. T. Inc. said its normalized net income for the fiscal first quarter ended Jan. 31 amounted to a loss of C$1.44 per share, compared with the S&P Capital IQ consensus estimate of a loss of 83 cents per share.

The per-share loss grew 20.7% year over year from C$1.19.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of C$53.6 million, compared with a loss of C$46.2 million in the year-earlier period.

The normalized profit margin rose to negative 6.4% from negative 6.8% in the year-earlier period.

Total revenue increased 23.8% on an annual basis to C$846.9 million from C$684.0 million, and total operating expenses climbed 23.0% from the prior-year period to C$934.9 million from C$760.0 million.

Reported net income came to a loss of C$61.1 million, or a loss of C$1.64 per share, compared to a loss of C$53.5 million, or a loss of C$1.38 per share, in the prior-year period.