Air Canada reports fourth-quater loss
Feb. 10, 2010, Montreal - Air Canada is reporting that it had a $56-million net loss in the fourth quarter, a dramatic improvement from the same period of 2008.
February 10, 2010 By The Canadian Press
The quarterly loss at Canada's largest airline would have been even bigger if not for $108 million in gains on foreign exchange.
In the fourth quarter of 2008, the Montreal-based airline company had a net loss of $727 million, including $527 million of foreign exchange losses.
The latest quarterly net loss amounted to 25 cents per diluted share, compared with a loss of $7.27 per share in the fourth quarter of 2008.
Air Canada's operating revenues were down from the last quarter of 2008, dropping by $150 million to $2.35 billion from nearly $2.5 billion.
Revenue fell for a number of reasons including less passenger travel because of the weak economy, greater fare discounting and reduced fuel surcharges.