NAV Canada reports widening loss in 3QFY2012

NAV Canada revenue up 1% - financial highlights for three months ended 31-May-2012:

• Revenue: CAD303 million (USD303.5 million), +1% year-on-year;
  • En route: CAD149 million (USD149.3 million), -1%;
  • Terminal: CAD113 million (USD113.2 million), +1%;
• Retained earnings (loss): (CAD10 million) (USD10 million), compared to a loss of CAD9 million (USD9 million) in p-c-p;
• Total assets: CAD3156 million (USD3162 million), -8% when compared to period ended 31-Aug-2011;
• Cash and cash equivalents: CAD74 million (USD74.1 million), -77% when compared to period ended 31-Aug-2011;
• Total liabilities: CAD3148 million (USD3154 million), -7% when compared to period ended 31-Aug-2011. [more - original PR]

*Based on the average conversion rate at USD1 = CAD0.9982 for the period

NAV Canada: "Total revenues before rate stabilization for fiscal 2012 are expected to be higher by approximately CAD15 from CAD1,210 in fiscal 2011 due to expected increases in other revenues and marginal increases in air traffic levels of 0.3 per cent." Source: Company statement, 12-Jul-2012.