Air Canada parent ACE Aviation Holdings (ACEb.TO: Quote, Profile, Research) on Friday reported a fourth-quarter loss on high fuel costs and it said it would cut nonunion jobs by 20 percent.
ACE Aviation said it expects the reductions in management and other nonunion staff to be mainly at Air Canada, the nation's largest airline, and its cargo unit, as well as at its ground handling and maintenance services.
The company said it lost C$103 million ($89 million), or C$1.02 a share, compared with a year-earlier profit of C$15 million, or 17 Canadian cents a share. The fourth quarter is traditionally a weak one.
Revenue rose to C$2.3 billion from C$2.06 billion as Air Canada flew more passengers and fuller planes.
ACE Aviation said its quarterly operating loss widened to C$35 million from C$3 million a year earlier.
The company said it planned to pay out C$54.5 million in employee profit sharing for 2005.
Reuters
ACE Aviation said it expects the reductions in management and other nonunion staff to be mainly at Air Canada, the nation's largest airline, and its cargo unit, as well as at its ground handling and maintenance services.
The company said it lost C$103 million ($89 million), or C$1.02 a share, compared with a year-earlier profit of C$15 million, or 17 Canadian cents a share. The fourth quarter is traditionally a weak one.
Revenue rose to C$2.3 billion from C$2.06 billion as Air Canada flew more passengers and fuller planes.
ACE Aviation said its quarterly operating loss widened to C$35 million from C$3 million a year earlier.
The company said it planned to pay out C$54.5 million in employee profit sharing for 2005.
Reuters
