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Air Canada reports full year, Q4 results

Feb. 9, 2012, Montreal - Air Canada is reporting a net loss of $60 million in the fourth quarter of 2011, which included foreign exchange gains of $114 million.


February 9, 2012
By Carey Fredericks

That compared to net income of $89 million in the fourth quarter of 2010, which included foreign exchange gains of $136 million and an impairment charge on aircraft of $49 million.

The airline's adjusted net loss per diluted share in the quarter was 64 cents compared to an adjusted net loss of 17 cents in the same quarter the year before.

Air Canada's revenues were up slightly in the quarter, to $ 2.7 billion, from $2.6 billion in the same quarter a year earlier.

The airline was expected to lose 50 cents per share on an adjusted basis on $2.7 billion of revenues in the fourth quarter, according to analysts polled by Thomson Reuters.

That compared to a 27 cents per share profit a year earlier on $2.6 billion of revenues.