07:38 AM EST, 12/12/2024 (MT Newswires) -- Transat (TRZ.TO) on Thursday reported higher fourth-quarter earnings and revenue.

Net income for the three months ended Oct. 31 jumped to $41.2 million, or $1.05 per share, from $3.2 million, or $0.08 per share.

Revenue roes 3.2% on the quarter to $788.8 million. The increase is due to a 2.7% increase in traffic, and financial compensation of $33.6 million from Pratt & Whitney, manufacturer of the GTF2 engines. The compensation is to to make up for the cost of aircraft grounded in 2023 and 2024, the company said.

Transat expects to increase available capacity by 2%, measured in available seat-miles, for fiscal 2025. It noted that to date, airline unit revenues, expressed in revenue per passenger mile, are 1% higher, while load factors for the first quarter are 1.1 percentage points higher than on the same date in fiscal 2024.