Air Canada reports bigger loss on higher fuel costs
Air Canada, the country’s largest carrier, reported a bigger quarterly loss on Monday as higher fuel costs offset a rise in traffic.
Fuel costs per liter jumped 16 per cent in the first quarter, the Montreal-based airline operator said, while traffic rose 11.4 per cent.
The company said its operating expenses went up 11 per cent and cost per available seat mile (CASM) — a measure of how much an airline spends to fly a passenger — rose 2.4 per cent.
The airline’s net loss widened to $170 million (US$132 million), or 62 cents per share, in the quarter, from $13 million, or 5 cents per share, a year earlier.
On an adjusted basis, the company lost $52 million.
Operating revenue rose to $4.07 billion from $3.64 billion.
© Thomson Reuters 2018