Canadian RV rental firm CanaDream Corp. reported lower earnings because the stronger Canadian dollar made travel appear more expensive to Europeans and other foreign customers upon whom the company largely depends.
The company’s earnings during the three months ended July 31 declined 32% to $589,000 (Canadian). Its sales slipped 15% to $4.8 million (Canadian) during the May-through-July period.
One Canadian dollar now is worth 63.6 cents in U.S. currency. One Canadian dollar also is worth 0.696 euros and 0.434 British Pound Sterling.
Meanwhile, CanaDream President Brian Gronberg believes, “Canada will become the preferred North American vacation destination” next summer due to impact of the Sept. 11 terrorists attacks on the psyche of travelers from Europe and Asia. “Canada has and continues to maintain a reputation as a safe, friendly travel destination,” he added.
Although CanaDream received 87 cancellations for the period from Sept. 11 through Nov. 30, the pace of reservations for this fall and 2002 have returned to normal, Gronberg said. CanaDream had 847 reservations for the period from Sept. 11 through Nov. 30.