Air Transport World

Air Canada. (North America Report).(financial report)(Brief Article)

Air Canada returned to profit in the June quarter, reporting net income of C$30 million ($19 million) compared to C$44 million last year, and President and CEO Robert Milton said he expects AC will be profitable in the third quarter as well. Results for both years were affected positively by adoption of a new accounting standard relating to long-term foreign-currency denominated assets and liabilities. Income before foreign exchange gains totaled C$16 million in 2002 while in 2001 AC had a loss of C$143 million.

Operating revenues were virtually level at C$2.55 billion while operating expenses dropped 5.5% to $2.49 billion. As a result, the airline posted an operating profit of C$62 million compared to an operating loss of C$72 million in 2001. …

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