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