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Air Canada increases profit in 80th anniversary year

AC new livery Feb 2017 1MONTREAL: February 20, 2017. Air Canada has reported net income of Can$876 million on revenue of Can$14.67 billion for 2016.

The airline group's cargo business produced revenue of Can$512 million during the period - a marginal increase from Can$506 million in 2015 – and included a Can$30 million refund of a disallowed European Commission cartel fine.

Cargo revenue was derived on flights with an origin and destination (O&D) in a specific country or region. The airline earned Can$193 million on the Pacific, Can$187 million over the Atlantic, Can$63 million on intra-Canada flights, Can$29 million on U.S./Canada transborder services, and Can$40 million on 'Other' O&D flights - principally to and from South America and the Caribbean.

"In 2016, we achieved outstanding results, surpassing the previous records for EBITDAR, as well as for passenger and operating revenues," commented Air Canada president and CEO Calin Rovinescu: "Traffic for the year grew by more than 13 per cent with increases in all five geographic markets and we reached a new record of serving close to 45 million customers on our expanding global network, with the launch of 28 new routes including 15 new international and 12 U.S. transborder routes," he added.

Air Canada has marked its 80th anniversary, and Canada's upcoming 150 years (sesquicentennial) as a Confederation on July 01 2017, with the unveiling of a new airline livery (right).

The airline plans to take delivery of nine Boeing 787-9 aircraft this year to provide new service to Frankfurt from Vancouver in June, and increased widebody capacity from Montreal to Shanghai, Vancouver to Taipei, and Toronto to Mumbai.

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