BUSY SUMMER GIVES AIR CANADA A LIFT

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By admin November 5, 2010 14:36

BUSY SUMMER GIVES AIR CANADA A LIFT

Montreal-based airline, Air Canada has posted strong operating profits following a busy summer quarter. An increase in business travel and Asian traffic, the airline income from operations nearly quadrupled to $327 million from $68 million last year.

Passenger revenues were up 15% to $3 billion thanks to a 9.7% growth in traffic. Nearly a third of this was driven by Pacific traffic.

Calin Rovinescu, president of Air Canada, stated that the 26% growth in premium cabin revenues shows business travellers are returning and that the airline’s initiatives are working. “Our significantly improved financial performance in the quarter clearly demonstrates that we are headed in the right direction,” he said Thursday during a conference call.

Net income was down however to $261 million versus $277 million a year ago. Adjusting for $90 million in currency gains and taxes this quarter, Air Canada earned $252 million, compared to a $15 million loss a year earlier.

admin
By admin November 5, 2010 14:36
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