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Porter Airlines says traffic is soaring

Porter Airlines released monthly traffic statistics for the first time yesterday, in a move toward greater transparency that comes as it contemplates an initial public offering.

Porter Airlines released monthly traffic statistics for the first time yesterday, in a move toward greater transparency that comes as it contemplates an initial public offering.

Porter Aviation Holdings Inc. announced it would make an IPO in April, but decided to suspended it in June due to poor stock market conditions, which deteriorated as Porter worked through the details.

Porter has indicated it is waiting for equity markets to stabilize before deciding to proceed with any share offering.

In the meantime, the privately-held airline has decided to release more information to the public.

The Toronto-based airline said its passenger traffic last month more than doubled to 63.7 million revenue passenger miles, up from 31 million in August 2009.

Capacity as measured by available seat miles was up 69 per cent, rising to 99.7 million from 59.1 million.

And Porter’s load factor, which measures how much of its fleet capacity is used, improved to 63.9 per cent from 52.5 per cent – still far below that of Air Canada and WestJet.

The global airline industry has rebounded and is expected to return to profitability this year after turning in its first losing performance in five years in 2009.

 
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