Transat A.T. Inc. (TSX:TRZ.B) says cost-cutting efforts and higher selling prices helped it record its best fourth quarter and summer season yet.
The Montreal-based travel company says it had a net profit of $54.7-million or $1.40 per dilluted share for the period ended Oct. 31, compared with $16.6-million or 43 cents a year ago.
Revenues for the quarter came in at $808.6-million versus $763.4-million.
For the year, Transat had a profit of $58-million or $1.51 per diluted share, compared with a net loss of $16.7-million or 44 cents per dilluted share in 2012.
Annual revenues were $3.6-billion, down from $3.7-billion.
The company, which operates the Air Transat airline, says it has returned to profitability for the quarter as it saw profits go up on flights to its sun destinations and in France.
“Our efforts on all fronts, including costs, product, marketing, revenue management, and so on delivered the expected results,” said CEO Jean-Marc Eustache in a statement.
“Our cost-reduction and margin-improvement program is tracking to plan.”