Air Canada reports growth in Q3 profit

Washington DC
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Air Canada has reported a 3.6% growth in earnings before interest, depreciation, amortisation and rental (EBITDAR) to C$554 million ($556.1 million) during the third quarter, as the company continues to focus on cost savings.

Adjusted net income was C$230 million for the quarter at the Montreal-based flag carrier, up 19.2% from a year earlier.

Operating revenue was up 2.7% to C$3.3 billion and operating expenses were down 2% to C$2.9 billion during the period.

Operating income was up nearly 56% to C$421 million during the quarter ending 30 September.

"I am extremely pleased with Air Canada's strong financial performance in the third quarter especially given the economic environment we are operating in," says Calin Rovinescu, president and chief executive of Air Canada. "We continued to focus on pursuing international growth opportunities and on the ongoing transformation of our cost structure."

Passenger revenue per available seat mile grew by 2.2% to 15.9 Canadian cents during the period.

Traffic was up 0.8% on a 0.2% increase in capacity. The load factor rose by 0.5 percentage points to 86.3%.