AMERICAS: Air Canada narrows losses from year earlier

Air Canada has reported a 2009 net loss of C$24 million (US$22.4 million), a significant improvement over a net loss of C$1.03 billion a year earlier. In part it was aided by C$657 million in gains on foreign exchange that were reversed from C$655 million in losses in the prior year. Revenue for 2009 fell […]


Air Canada has reported a 2009 net loss of C$24 million (US$22.4 million), a significant improvement over a net loss of C$1.03 billion a year earlier. In part it was aided by C$657 million in gains on foreign exchange that were reversed from C$655 million in losses in the prior year. Revenue for 2009 fell 12.2 per cent to C$9.74 billion.

President and CEO Calin Rovinescu said the carrier “overcame tremendous challenges” last year and has started 2010 in a far “more stable financial position” than in early 2009, citing C$1.2 billion in additional liquidity raised last year. Cost saving efforts aim to free-up another C$500 million in the coming year.

Rovinescu said the carrier will focus on “leveraging international growth opportunities” and specifically target US passengers connecting to US hubs to fly to destinations in Europe and Asia.