Air Canada says loss widens to $400 million in first quarter
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MONTREAL — Air Canada (TSX:AC.B) said Friday weak economic conditions led to a decrease in passenger traffic during the first three months of 2009, while foreign exchange losses contributed to a widening of the company's loss during the quarter.
The Montreal-based air carrier reported a loss of $400 million or $4 per share for the quarter, deepening year-earlier losses of $288 million or $2.88 per share. The company said foreign exchange losses totalled $101 million for the period, while a further $125 million was included as a provision for cargo investigations.
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Chief executive Calin Rovinescu said a drop in fuel prices has provided some relief for the airline industry as a whole, but conceded Air Canada has a difficult few months ahead. Still the newly-minted CEO, who has only been at the helm for five weeks, sounded an optimistic note.
"The global economy will inevitably rebound," he said.