The Globe and Mail reports in its Wednesday edition that Air Canada is generating strong profit growth amid surging demand from travel-hungry customers -- but the stock is in a steep nosedive, suggesting that investors are growing increasingly worried about the future. The Globe's David Berman writes the stock closed Tuesday at $16.73 after the airline reported upbeat third-quarter financial results. It generated net income of $1.25-billion for the period ended Sept. 30, up from a loss of $508-million in the same period last year, yet the share price has slumped about 36 per cent since July alone. The airline's top executive pointed out during a conference call with analysts that Air Canada's stock appears out of line with its financial performance. "Interesting to note that our equity value as of Oct. 20 has declined 12 per cent versus the same day in 2022 and is about 50 per cent of the same day in 2019," Michael Rousseau, chief executive officer at Air Canada, said during the call. To his point, the share price is close to its 2020 lows, when airlines faced enormous losses because of severe COVID-19 travel restrictions. Air Canada has plenty of company: The U.S. Global Jets Index is down 32 per cent since July.