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Air Canada reports operating loss in 4Q2011, 2011 operating loss down 36%

10-Feb-2012 1:25 PM

Air Canada revenue up 3% – financial highlights:

  • Three months ended 31-Dec-2011:
    • Operating revenue: USD2710 million, +3.2% year-on-year;
    • Operating costs: USD2808 million, +7.5%;
      • Fuel: USD811 million, +26.3%;
      • Labour:  USD503 million, +2.9%;
    • Operating profit (loss): (USD98 million), compared to a profit of USD15 million in p-c-p;
    • Net profit (loss): (USD60 million), compared to a profit of USD89 million in p-c-p;
    • Passenger traffic (RPMs): +2.6%;
    • Passenger load factor: 78.9%, +0.1 ppt;
    • Passenger yield: USD 19.6 cents, +1.9%;
    • Passenger revenue per ASM: USD 15.5 cents, +2.0%;
    • Operating revenue per ASM: USD 17.8 cents, +2.2%;
    • Operating cost per ASM: USD 18.4 cents, +4.9%;
  • 12 months ended 31-Dec-2011:
    • Operating revenue: USD11,658 million, +7.7%;
    • Operating costs: USD11,478 million, +8.3%;
      • Fuel: USD3388 million, +27.3%;
      • Labour: USD1999 million, +4.1%;
    • Operating profit: USD180 million, -35.6%;
    • Net profit (loss): (USD250 million), compared to a loss of USD24 million in p-c-p;
    • Passenger traffic: +4.5%;
    • Passenger load factor: 81.6%, -0.1 ppt;
    • Passenger yield: USD 18.8 cents, +3.3%;
    • Passenger revenue per ASM: USD 15.4 cents, +3.2%;
    • Operating revenue per ASM: USD 17.6 cents, +2.9%;
    • Operating cost per ASM: USD 17.3 cents, +3.5%;
  • 1Q2012 forecast:
    • Capacity (ASMs): +2.5% to +3.5%;
    • Cost per ASM excl fuel and cost of ground packages at Air Canada Vacations: +4.0% to +5.0%;
  • FY2012 forecast:
    • Capacity: stable to +1.5%;
      • Domestic: Stable to +1.5%;
    • Cost per ASM excl fuel and cost of ground packages at Air Canada Vacations: +1.0% to +2.0%. [more – original PR]

*Based on the conversion rate at USD1 = CAD0.99605

Air Canada: “Given the current economic environment, we will continue to manage capacity conservatively and are planning for system ASM capacity growth of no more than 1.5 per cent in 2012. We view participation in the low-cost segment of the leisure market as important for the Corporation, and we are evaluating various models that would allow us to participate in this market segment,” Calin Rovinescu, president and CEO. Source: Company statement, 09-Feb-2012.