Air Transat is reporting “excellent summer results” for the fourth quarter of their fiscal 2017 year, including increased revenues of 14.1 per cent.

The Montreal-based company’s financial statement, released today, reported fourth quarter operating income of $59.5 million, more than double the $26.9 million they had in 2016.

For the year, revenues were reported at $3 billion, up from $2.9 billion in all of 2016. Operating income for the year was at $34.7 million, up from $30.3 million in 2016.

"The fourth quarter, like the summer as a whole, was excellent,” said Jean-Marc Eustache, President and Chief Executive Officer of Transat. “Financially, our summer results were among the best in our history and significantly improved our results for the year compared with last year. From a strategic standpoint, we made great strides towards establishing our hotel division and in several other major areas, including fleet composition, and corporate leadership succession.”

Officials said the increase in fourth quarter revenues “resulted mainly from an 8.7 per cent increase in total travellers in the transatlantic market, the main market for that period, while average selling prices were up 4.0 per cent. In this market, the Corporation increased capacity by 8.5 per cent, compared with 2016, while overall capacity was up nearly five per cent. In the sun destination market, the Corporation's capacity was down 3.8 per cent compared with 2016 due to hurricanes Irma and Maria, which resulted in the repatriation of passengers particularly in Cuba and the Dominican Republic and the cancellation of certain flights. As a result, total passengers were down 2.7 per cent in that market, while average selling prices rose 7.2 per cent.”

An Air Transat release said the company completed the sale of its 35 per cent minority interest in Ocean Hotels to H10 Hotels on Oct. 4, almost a month ahead of the anticipated closing date. As announced in July, the sale closed for roughly $193.3 million.

Looking ahead to the first half of 2018, the company said capacity to sun destination markets is up eight per cent compared with last year. Fifty per cent of that capacity has been sold already and bookings are up 9.2 per cent.

It’s low season for the transatlantic market but capacity is up 20 per cent from last winter. Forty seven per cent of that capacity has been sold and bookings are up 15 per cent.

“If these trends continue, Transat expects to achieve better results than in the 2017 winter season," officials said.