HIGH PASSENGER REVENUE HELPS AIR CANADA CUTS OPERATING LOSS

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By TESTCustomwebLP TESTCustomwebLP May 6, 2011 08:36

HIGH PASSENGER REVENUE HELPS AIR CANADA CUTS OPERATING LOSS

Air Canada has been able to narrow its quarterly operating loss as higher passenger revenue offset a big rise in fuel costs. Fuel costs for the airline in the first quarter rose C$120 million ($124 million) and for the full year, higher fuel charges are expected to add about C$800 million to operating costs.

Air Canada’s net loss for the quarter was C$19 million, or 7 Canadian cents a share, compared with a loss of C$112 million, or 41 Canadian cents a share, a year earlier. On an adjusted basis, the loss was 45 Canadian cents a share.

The airline’s operating loss was C$66 million, compared with C$136 million a year earlier. Operating revenue rose 9% to C$2.75 billion.

The improved results came as a result of higher fares, fuel surcharges, flying smaller planes, and cost cuts, said Air Canada Chief Executive Calin Rovinescu.

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By TESTCustomwebLP TESTCustomwebLP May 6, 2011 08:36
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