Air Canada posts a net loss in the 4Q and 2011

Air Canada (Montreal) reported a net loss of C$60 million in the fourth quarter of 2011, which included foreign exchange gains of C$114 million, compared to net income of C$89 million in the fourth quarter of 2010, which included foreign exchange gains of C$136 million, an impairment charge on aircraft of C$49 million, and a net favorable adjustment to the provision for cargo investigations of C$46 million.

For the full year, Air Canada reported a net loss of C$249 million ($250.2 million US) in 2011, which included foreign exchange losses of C$54 million, compared to a net loss of C$24 million in 2010, which included foreign exchange gains of C$184 million, an interest expense charge on the repayment of the term credit facility of C$54 million, an impairment charge on aircraft of C$49 million, and a net favorable adjustment to the provision for cargo investigations of C$46 million.

Copyright Photo: Keith Burton.

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