The Globe and Mail reports in its Friday edition that Transat fell to a loss in the third quarter and borrowed more money from the federal government, as the Montreal airline faced soaring fuel costs amid the war in Iran. The Globe's Eric Atkins writes that the operator of Air Transat lost $106.6-million, or $2.60 a share, for three months ending on July 31, compared with a profit of $399.8-million ($9.97 a share) in the same period a year ago. Revenue rose by 3 per cent to $792.7-million, Transat reported Thursday. Fuel was by far the greatest expense for Transat in the third quarter, totalling $238-million compared with $159-million in the same period of 2025. Fuel costs helped drive up operating expenses by 15.4 per cent to $114-million. To stay afloat, Transat said it borrowed another $250-million from the Canada Enterprise Emergency Fund, which was established in the pandemic. This is on top of the $150-million Transat recently borrowed from a separate federal fund established to help airlines that are struggling with high fuel costs. Transat also said it received a government grant of $25.3-million from that same fuel bailout fund. All together, Transat's credit agreements with the feds total $483.7-million.