Foreign exchange drags Air Canada to Q4 loss, but operating revenue up
Posted Feb 15, 2019 6:14 am.
This article is more than 5 years old.
MONTREAL — Air Canada says that negative changes to foreign exchange rates drove it to a $231-million net loss in the fourth quarter, but it would have otherwise turned a profit during the three-month period.
The Montreal-based airline’s revenue was $4.24 billion, which was up from $3.82 billion a year earlier.
Its net loss amounted to 85 cents per diluted share for the three months ended Dec. 31, including $269 million of foreign exchange losses recorded under generally accepted accounting rules.
That compared with a net profit of $8 million or two cents per share in the fourth quarter of 2017, with $62 million of foreign exchange losses a year earlier.
Air Canada’s adjusted net income, which excludes the impact of foreign exchange gains or losses, was $54 million or 20 cents per share, down from $60 million of 22 cents per share a year earlier.
Analysts had estimated 15 cents per share of adjusted net income and $4.2 billion of revenue, according to Thomson Reuters Eikon.
Companies in this story: (TSX:AC)
The Canadian Press
