Air Canada posts C$8m Q4 profit

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Air Canada reports a Canadian dollar (C$) 8 million ($8 million) profit during the fourth quarter.

Operating revenue at the Canadian flag carrier was up 5.3% to C$2.8 billion year-on-year and operating income was C$46 million in the period.

"These results reflect the success of Air Canada's ongoing transformation aligned with strict cost control and disciplined capacity management," says Calin Rovinescu, president and chief executive of Air Canada, in a statement. "In particular, the strong revenue performance of our international network was led by significant improvements, not only in the Pacific region but also on the Atlantic where we overcame challenges faced by the industry earlier in the year."

Passenger revenue per available seat mile (PRASM) increased 4.2% to 16 Canadian cents in the fourth quarter. Traffic was up 4.2% on a capacity increase of 1.3%, which drove up the load factor 2.3 percentage points to 81.2%.

Air Canada reports a C$131 net income excluding special items for 2012, reversing a loss in 2011. Operating revenue was up 4.4% to C$12.1 billion and operating income more than doubled to C$437 million.

PRASM was up 3.2% to 15.8 Canadian cents versus 2011. Traffic increased 2.6% on a 1.2% increase in capacity, which drove up the load factor by 1.1 percentage points to 82.7%.