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 […]
March 1, 2010
President and CEO Calin Rovinescu said the carrier Ã¢â‚¬Å“overcame tremendous challengesÃ¢â‚¬Â last year and has started 2010 in a far Ã¢â‚¬Å“more stable financial positionÃ¢â‚¬Â 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 Ã¢â‚¬Å“leveraging international growth opportunitiesÃ¢â‚¬Â and specifically target US passengers connecting to US hubs to fly to destinations in Europe and Asia.