Air Canada (AC_A.TO, AC_B.TO) posted a significantly wider first-quarter net loss of C$210 million or C$0.76 per share, versus year-ago quarter's C$19 million or C$0.07 per share loss. The latest quarter's net loss included foreign exchange gains of C$87 million, a non-cash loss on investments of C$65 million, as well as a liability and corresponding loss from discontinued operations of C$55 million, while the prior year's net loss included foreign exchange gains of C$104 million.
Adjusted net loss per share was C$0.64 in the recent quarter, wider than a loss of C$0.45 in the 2011 first quarter.
However, quarterly operating revenues advanced to C$2.96 billion from C$2.75 billion in the comparable period last year.
On a system capacity growth of 3.1 percent, system passenger revenues rose C$213 million or 9.2 percent for the quarter from the 2011 first quarter, on a 4.8 percent growth in traffic and a 3.3 percent improvement in yield. Passenger revenue per available seat mile or RASM went up 5.0 percent from the previous year, and reflected improvements in all markets.
For the second quarter of 2012, Air Canada expects its system available seat miles or ASM capacity to increase in the range of 0 to 1.0 percent.
Air Canada still expects full-year 2012 system capacity to increase in the range of 0 to 1.5 percent and its domestic capacity to increase in the range of 0 to 1.5percent from 2011.
by RTT Staff Writer
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