Air Canada reports third quarter net income of $429m

Air Canada reported earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR), before the impact of certain benefit plan amendments, of $554m in the third quarter of 2012 compared to EBITDAR of $535m in the third quarter of 2011, an increase of $19m. Including the favourable impact of benefit plan amendments, EBITDAR was $678m for the third quarter of 2012. Adjusted net income of $230m increased $37m from the third quarter of 2011. Adjusted net income per diluted share was $0.82 in the third quarter of 2012 compared to adjusted net income per diluted share of $0.68 in the same quarter in 2011. On a GAAP basis, Air Canada reported net income of $429m for the third quarter of 2012 compared to a net loss of $124m for the same period last year. This improvement in net income was driven in large part by favourable foreign exchange gains quarter-over-quarter.