Air Canada Reports Smaller Q1 Operating Loss on Cost Cuts, Higher Revenue
Air Canada announced financial results for the first quarter of 2014.
The Montreal-based airline reported an operating loss of 62 million Canadian dollars ($57 million) for the first quarter, an improvement of C$44 million from a loss of C$106 million in the first quarter of 2013.
Total revenue in the first quarter was C$3.065 billion, a year-over-year increase of C$113 million from C$2.952 billion last year.
Air Canada’s traffic was 13.466 billion revenue passenger miles, or RPMs, up 2.9% from 13.087 billion RPMs in the first quarter of 2013. The carrier’s capacity also increased, by 3.8% year-over-year, up to 16.774 billion available seat miles, or ASMs, from 16.164 billion last year.
Passenger load factor in the first quarter was 80.3%, a decrease of 0.7 percentage points from 81% in the same period last year.
The airline also saw a slight drop in its passenger revenue per available seat mile, or Prasm, which decreased by 0.5% year-over-year.
(Photo: Accura Media Group)