Air Canada reports first quarter net loss of $210m

Air Canada reported an operating loss of $93 million in the first quarter of 2012 compared to an operating loss of $66m in the first quarter of 2011.  Air Canada reported a net loss of $210m in the first quarter of 2012 compared to a net loss of $19m in the first quarter of 2011.  In the first quarter of 2012, the net loss included foreign exchange gains of $87m, a non-cash loss on investments of $65m relating to the 2010 restructuring of Aveos, as well as a liability and corresponding loss from discontinued operations of $55m related to Air Canada’s commitment under an employee separation program pursuant to the January 2011 Canadian Industrial Relations Board ruling which recognized separate bargaining units for Aveos and Air Canada unionized employees.  In the first quarter of 2011, the net loss included foreign exchange gains of $104m.