Air Canada reports third quarter net loss of $132 million

Air Canada reported operating income of $112 million for the third quarter of 2008 compared to a record operating income of $351 million in the third quarter of 2007. Fuel expense increased $348 million in the third quarter to $1.1 billion due to record high fuel prices, a 49% cent increase from the third quarter of 2007. Partly offsetting this increase was solid operating revenue growth of $121 million or 4% versus the third quarter of 2007. The company recorded a net loss of $132 million in the third quarter of 2008 compared to net income of $273 million in the third quarter of 2007.