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Transat A. T. swings to profit in fiscal Q2

Transat A. T. Inc. said its normalized net income for the fiscal second quarter ended April 30 was 51 Canadian cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 42 cents per share.

The per-share result swung to a profit from the prior-year loss of 16 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was C$19.7 million, compared with a loss of C$6.1 million in the year-earlier period.

The normalized profit margin rose to 2.4% from negative 0.5% in the year-earlier period.

Total revenue fell 9.0% on an annual basis to C$1.02 billion from C$1.12 billion, and total operating expenses fell 12.6% year over year to C$988.8 million from C$1.13 billion.

Reported net income came to C$24.8 million, or 64 cents per share, compared to a loss of C$7.8 million, or a loss of 20 cents per share, in the prior-year period.