Summary Q2 2024 profits were lower than Q2 2023 profits. Various segments of tourists (such as VFR) are avoiding Paris due to the Paris Olympics. The Paris Olympics negatively impacted Air Canada and other airlines, including Delta Air Lines and Air France.
Air Canada announced its financial performance results for the second quarter (Q2) of 2024 and noted weaker profits compared to those of 2023. The airline cited lower numbers this time around due to stagnant travel demand and a reduction in sales within the airline's European network due to events such as the Olympics. Because of the Olympics? Yesterday, Air Canada reported its earnings for Q2 2024, during which the airline made a profit of $339 million from its revenue of $4 billion.
However, compared to data from Q2 2023, the airline's profits decreased this year. Q2 2024 Q2 2023 Change Revenue ($ million) 4,014 3,947 +1.6 % Profit ($ million) 339 583 -42 % Operating Margin (%) 8.
4 14.8 -43.2 % While it is reported that the general passenger demand has stagnated, Quartz also reported that Air Canada considers the Paris Olympics to have a negative impact on the airline's profits.
Reports suggest that potential customers who would not be interested in attending the Olympics in person are avoiding Paris because of all the rush in and around the city associated with the event. While business/corporate travel will not be impacted much, other segments of travelers, such as VFR (Visiting Friends and Relatives), will be severely.