NAV CANADA announces second quarter financial results

By PRNewswire8 days ago

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OTTAWA, ON, April 8, 2021 /CNW/ -NAV CANADA today released its financial results for the three and six months ended February 28, 2021.

In the second quarter of fiscal 2021, the Company saw air traffic levels, as measured in weighted charging units(1), decrease 56.1% on a year over year basis. The Company's revenue for the secondquarter of fiscal 2021 was $179 million, compared to $322 million over the same period in fiscal 2020. The decrease is mainly due to the continued significant negative impact of the COVID-19 pandemic on global air traffic and the aviation industry. This has been partially offset by the increase in customer service charges, whereby base rates increased on average by 29.5%, effective September 1, 2020.

Operating expenses for the secondquarter of fiscal 2021were $317 million as compared to $387 million over the same period in fiscal 2020 due to Canada Emergency Wage Subsidy receiptsand continued cost saving measures.

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