May 15, 2014

Air Canada reports first quarter 2014 results

Air Canada reported first quarter earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR of $147m compared to EBITDAR of $145m in the first quarter of 2013. Air Canada’s EBITDAR of $147m was consistent with the EBITDAR projection provided in the airline’s news release dated April 3rd, 2014 which forecasted EBITDAR in the first quarter of 2014 to be in line with last year’s level. An operating loss of $62m in the first quarter of 2014 reflected a $44m improvement from the same quarter in 2013. On a GAAP basis, in the first quarter of 2014, Air Canada reported a net loss of $341m compared to a net loss of $260m in the first quarter of 2013. The net loss in the first quarter of 2014 included foreign exchange losses of $161m versus foreign exchange losses of $40m in the first quarter of 2013. On an adjusted basis, the airline reported a net loss of $132m compared to a net loss of $143m in the first quarter of 2013, an improvement of $11m.



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