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Company News

Air Canada posts adjusted quarterly loss on pandemic woes

May 4 (Reuters) - Air Canada on Monday swung to a quarterly loss from a year-ago profit, hit by the coronavirus pandemic that brought travel to a virtual halt.

Canada’s largest carrier also said it now expects second-quarter capacity to fall by 85% to 90% compared to a year earlier.

The company reported an adjusted net loss of C$392 million ($277.97 million), or C$1.49 per share, in the first quarter ended March 31, compared with a profit of C$17 million, or 6 Canadian cents per share, a year earlier.

Operating revenue fell 16.1% to C$3.72 billion. ($1 = 1.4102 Canadian dollars) (Reporting by Sanjana Shivdas in Bengaluru; Editing by Shinjini Ganguli)

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