Reuters: Regulatory News: UPDATE 1-Fuel costs, strikes hurt Air Canada results

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UPDATE 1-Fuel costs, strikes hurt Air Canada results May 4th 2012, 10:40 Fri May 4, 2012 6:40am EDT May 4 (Reuters) - Air Canada, the country's largest airline, reported a bigger first-quarter operating loss on Friday, citing higher fuel costs and wildcat strikes by its unionized workers. Montreal-based Air Canada said its net loss had widened to C$210 million, or 76 Canadian cents a share, from C$19 million, or 7 Canadian cents a share, a year earlier. Excluding a foreign exchange-related gain, a noncash loss on investments and other one-time items, the company reported a loss of 64 Canadian cents a share. The year-earlier loss was 45 Canadian cents. "The quarter was marked by a challenging environment, with persistently high fuel prices and volatility which resulted in a significant increase in fuel expense," Chief Executive Officer Calin Rovinescu said in a statement. "In addition, our operations were disrupted by job action by a number of unionized employees, which resulted in a decline in bookings for travel originating in Canada in the immediate aftermath of these incidents," he said. "Since then, we have seen an improvement in advance booking trends. Air Canada said it remained focused on maintaining strong liquidity levels and on the implementation of its cost reduction efforts.

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