Air Canada CFO, Michael Rousseau, stated the carrier plans to exceed the CAD500 million (USD490 million) in cost reductions and new revenue-generating activities it has targeted by the end of 2011 (Reuters, 24-Mar-2010). The carrier has so far reduced costs or generated revenues totalling CAD223 million (USD218 million) in 2010, with the carrier having a target of CAD270 million (USD264 million) in the year. The carrier added that it has no plans to reduce capacity to help improve cash flows.
Air Canada: "We will not stop there."We are not going to be satisfied hitting CAD500 million. We know of some things within our control and there is an incredible effort within the entire company to drive out costs...We like our root structure, we know the economy is coming back and we are comfortable with where we are at this point in time...We still have financing opportunities...at this point in time, we don't think we need that money. It's relatively expensive money as well," Michael Rousseau, CFO. Source: Reuters, 24-Mar-2010.