News
Ace Aviation posts $135M net loss for third quarter on fuel hedging and loonie

Nov. 11, 2008, Montreal – Soaring fuel costs and a weaker Canadian dollar
dropped Air Canada parent ACE Aviation to a $135-million
third-quarter loss.

And the holding company, which owns 75 per cent of Air Canada, says it's still deciding what to do with its stake in
the airline.

ACE, set up to oversee the airline's re-organization after
declaring bankruptcy, has been in the process of winding itself
down.

Its $135-million loss reversed a $224-million profit posted at
the same time in 2007.

The company says the loss amounted to $3.86 per share compared to
year-earlier earnings of $1.84 per share.

The loss was mainly due to $93 million in charges from fuel
hedging contracts and an $87-million loss on foreign exchange.

Third-quarter revenue held relatively steady at $3.1 billion
compared to $3 billion during the same period last year.

THE CANADIAN PRESS