Air Canada has a successful fourth quarter and 2011

Air Canada (Montreal) reported full year operating income of C$361 million (before a net reduction of C$46 million to a provision for cargo investigations) compared to an operating loss of C$316 million in 2009, a C$677 million improvement. Earnings before interest, taxes, depreciation, amortization and aircraft rent (EBITDAR) of C$1.386 billion (before the net reduction of C$46 million to the provision for cargo investigations) increased C$707 million or 104 per cent from 2009. Air Canada reported net income of C$107 million or C$0.37 per diluted share in 2010 compared to a net loss of C$24 million or (C$0.18) per diluted share in 2009. The net income in 2010 included foreign exchange gains of $145 million while the net loss in 2009 included foreign exchange gains of $657 million.

For the fourth quarter of 2010, Air Canada recorded operating income of C$85 million (before the net reduction of C$46 million to the provision for cargo investigations) compared to an operating loss of C$83 million in the fourth quarter of 2009, a C$168 million improvement. EBITDAR of C$334 million (before the net reduction of C$46 million to the provision for cargo investigations) increased C$167 million or 100 per cent from the fourth quarter of 2009.

In addition, Air Canada announced that through its continuing international expansion strategy it will add for this summer 450,000 more seats than summer 2010 to and from its Toronto Pearson hub, including new daily service to four major international destinations. The expansion, primarily by making flights to Copenhagen, Madrid, Dublin and Santiago daily, doubling the number of flights to Barcelona to six a week, and adding a fourth weekly frequency to Athens, is part of a system-wide capacity increase for summer 2011 that will result in additional international, transborder and domestic flying.

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Copyright Photo: Brian McDonough. Please click on photo for additional aircraft details.

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About Bruce Drum

I have started the ultimate digital photo library of the fascinating world of airliners and airlines. The goal is to have the complete history of all airlines and the various aircraft operated. I have been photographing airplanes since 1965. Join us in this adventure.