Air Transat suspended all of its flights as of April 1, because of the COVID-19 pandemic and therefore had no more sales from that date, until the partial resumption of airline operations on July 23, 2020. As a result, these factors caused a steep fall in revenues. The corporation recognized revenues of CA$9.5 million during the quarter, a decrease of CA$689.4 million (98.6%) compared with 2019.
Operations generated an operating loss of CA$132.0 million compared with operating income of CA$1.7 million in 2019, a deterioration of CA$133.7 million. The decline in operating results was accentuated by the unfavorable settlement of fuel-related derivative contracts. Transat reported an adjusted operating loss of CA$79.9 million compared with an adjusted operating income of CA$62.1 million in 2019, a deterioration of CA$142.0 million.
Net loss attributable to shareholders amounted to CA$45.1 million compared to CA$1.5 million in 2019. Net loss attributable to shareholders for the quarter includes a CA$67.7 million gain for changes in the fair value of fuel-related derivatives and other derivatives due to the significant recovery in fuel prices during the quarter, a CA$28.5 million foreign exchange gain mainly related to the remeasurement of lease liabilities.