NET LOSS REPORTED BY AIR CANADA

Air Canada has reported a first-quarter net loss of C$19 million ($19.7 million). However this is less than the C$112 million net deficit it reported in the year-ago period due to the fact the airline cut domestic capacity and the result was also helped by foreign exchange gains of C$104 million and declining unit costs. Despite these gains, the carrier was pushed into the red again due to high fuel costs. President and CEO Calin Rovinescu said: “In the quarter, we incurred over C$120 million in additional fuel expense from the same quarter last year. Based on expected jet fuel