Air Canada reported an operating loss of CAD$12 million for the first quarter, before a provision for cargo investigations, an improvement of CAD$66 million from the first quarter for 2007. Air Canada’s operating income performance for the first quarter was achieved despite an increase in fuel expense of CAD$130 million in the quarter.
Air Canada recorded a net loss for the first quarter of CAD$288 million, which included a provision for cargo investigations of $125 million and net losses on foreign currency monetary items of CAD$89 million. This compares to a net loss of CAD$34 million in the first quarter of 2007, which included net gains on foreign currency monetary items of CAD$33 million.
