Air Canada Inc. (AC_A.TO, AC_B.TO, AIDIF.PK) reported fourth-quarter GAAP net income of C$8 million or C$0.03 per share, compared with a C$60 million or C$0.22 per share loss, in the 2011 fourth quarter. On an adjusted basis, net loss amounted to C$6 million or C$0.02 per share in the recent quarter.
Operating revenues were C$2.84 billion, an increase from C$2.70 billion in the prior-year quarter.
Additionally, the Corporation has named Thomas Birks to the Air Canada board, effective immediately. Currently, he is the President of Birinco Inc., a merchant bank with investment portfolios ranging from private equity to passive investments.
In the first quarter of 2013, Air Canada expects its system ASM capacity, as measured by available seat miles, to decrease in the range of 0 to 1.5 percent versus last year. Air Canada continues to expect full-year 2013 system capacity to increase in the range of 1.5 to 3.0 per cent when compared with 2012.
Separately, Air Canada announced that it would launch a new International Premium Economy cabin for customers seeking enhanced comfort and service on international flights as it continues to modernize its widebody fleet with the addition of five new Boeing 777-300ER aircraft.
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