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Air Canada posts bigger than expected fourth-quarter loss, though a rise in revenues beats forecasts

Friday, February 17, 2017 7:03
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National carrier Air Canada (TSX:AC.B) today posted a bigger than expected fourth-quarter loss, impacted by a rise in fuel costs as crude prices rallied, although a rise in revenues beat forecasts.

The airline’s net loss widened to C$179mln, or 66 Canadian cents per share in the three months to December 31, up from C$116mln, or 41 Canadian cents per share a year earlier, as its fuel cost per litre rose by 1.4%.

But the Montreal-based firm’s revenue rose by 7.6 % to C$3.43bn, beating analysts’ average estimate of C$3.39bn.

And its adjusted cost per available seat mile (CASM), which excludes fuel costs and unusual items, fell by about 6%, helping the company post a better-than-expected adjusted profit.

Air Canada said it expected adjusted CASM to decrease by 3.25-4.75% in the first quarter, although the group’s underlying  margin is likely to almost halve in the current quarter, down to 7% from 13.8% a year earlier.

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