ACE Aviation reports lower profit for third quarter.
AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD
Canada's ACE Aviation, the parent company of Air Canada, has reported a decrease of 62% in its third quarter profit.
The company said that the decrease was partly due to a charge related to the redemption of points
The third quarter result included a CAD102m charge related to Aeroplan and a CAD52m gain on the sale of 1.25m US Airways Group shares. There was also a loss of CAD3m from foreign exchange.
Furthermore, ACE reported a decrease to CAD305m in its operating income before special items, compared to CAD321m for the third quarter of 2005, with fuel expenses increasing by CAD87m or 13%.
The company also said its revenue was flat at CAD2.8bn, Reuters reported.
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In addition, make sure to read these articles:
- Air Canada's customer loyalty scheme reports Q2 profit of CAD25.4m.
- Air Canada posts profit due to currency gain.
- Air Canada's parent company reports Q2 profit of CAD168m.
- ACE Aviation intends to improve on 2005 results.
- Air Canada in talks with government over finances.
- US Airways Group reports record load figure for July.
- US Airways Group reports traffic results for June.
- Q4 loss announced by Air Canada's parent company.
- ACE Aviation reports increased profit for Q2.
- ACE Aviation Holdings receives approval for shareholder vote.
- ACE Aviation Holdings agrees to sell 70% stake in ACTS.
- ACE Aviation to sell stake in loyalty plan.
- Aeroplan distribution to be made by ACE Aviation Holdings.
- ACE Aviation receives letter in Canadian cargo probe.
- US Airways Group files with SEC over possible adverse material effect of strike action.
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