Turbulent final three months for Air Canada
Airline reported bigger drop in last three months of 2016 than in same period of 2015
MONTREAL— Air Canada, Canada’s largest airline, says it had a bigger net loss in the fourth quarter last year than in the same period in 2015 as costs rose more than revenue.
For the final three months of 2016, the Montreal-based airline reported a $179-million net loss (66 cents per share), compared with a $116-million net loss (41 cents per share) in the fourth quarter of the previous year.
Operating revenue for the quarter was $3.43 billion, up from $3.18 billion a year earlier.
Adjusted earnings dropped to $38 million or 14 cents per share from $116 million or 40 cents per share.
For the full year, Air Canada increased its net income to $876 million or $3.10 per share, up from $308 million or $1.03 per share in 2015.
But adjusted earnings fell to $1.15 billion or $4.06 per share from $1.22 billion or $4.18 per share.
Air Canada’s full-year revenue increased to $14.68 billion from $13.87 billion in 2015.
For the full year, Air Canada increased its net income to $876 million or $3.10 per share, up from $308 million or $1.03 per share in 2015