Air Canada reports second quarter net income of $155 million

Air Canada reported second quarter 2009 net income of $155 million including gains on foreign exchange of $355 million. This compares with net income of $122 million in the second quarter of 2008 that included gains on foreign exchange of $48 million. EBITDAR amounted to $135 million, a decrease of $114 million from the second quarter of 2008. The carrier reported an operating loss of $113 million for the second quarter of 2009 compared to operating income of $7 million in the second quarter of 2008. Operating results were adversely affected by reduced air travel demand, particularly high yield traffic, due to the weakened economy and competitive pricing initiatives to stimulate traffic.