Air Canada reports first quarter net loss of $400 million

Air Canada reported an operating loss of $188 million for the first quarter of 2009 compared to an operating loss (before a provision for cargo investigations and proceedings) of $12 million in the first quarter of 2008. A net loss of $400 million in the first quarter of 2009 included losses on foreign exchange of $101 million. A net loss of $288 million in the first quarter of 2008 included a provision for cargo investigations and proceedings of $125 million and losses on foreign exchange of $89 million.