MONTREAL - Transat AT Inc. (TRZ.TO) says it has made progress on reducing its losses despite difficult market conditions that include higher fuel prices and currency fluctuations.

The Montreal-based travel company says its net loss attributable to shareholders was $8.4 million or 23 cents per share in the second quarter of its fiscal year.

A year earlier, Transat had a net loss of nearly $25 million or 68 cents per share.

Revenue was down marginally at $884.3 million, compared with $888.2 million in the second quarter of fiscal 2016.

Founded in 1987, Transat employs 5,000 people and operates in Canada, Europe, Mexico and the Caribbean.