Transat records first-quarter loss
Thursday, March 13th, 2008 - 1:37 pm
Tour operator and airline Transat A.T. announced a loss of $10 million for its first-quarter of 2008, a scant two weeks after publication of a complimentary profile in the Globe’s Report on Business magazine. Although revenue was up, fierce competition for package tours and a $14 million writedown on ABCPs (Asset Backed Commercial Paper), left the company short of its $1.2 million profit in the comparable period of the previous year. (Sources: Globe and Mail, page B5, “Turbulent times for Transat”; Transat press release)
