February 13, 2009 / 12:18 PM / 9 years ago

UPDATE 1-ACE Aviation posts Q4 net loss

* Q4 net loss C$633 mln

* Q4 oper loss C$150 mln

Feb 13 (Reuters) - ACE Aviation Holdings Inc ACEa.TO, the parent company of Air Canada ACa.TO, reported a quarterly loss as the airline flew into the red due to global economic turmoil, which hurt travel demand.

ACE, which is preparing to distribute its remaining assets to its shareholders then wind up operations, posted a net loss of C$633 million ($510.5 million) for the fourth quarter, but reported no loss per share number for the quarter or comparable figures for the previous year.

Quarterly net loss included net foreign exchange losses of C$527 million, the company said.

ACE currently owns 75 percent of Air Canada and 27.8 percent of aircraft maintenance and repair firm Aveos Fleet Performance Inc.

In December, it announced a plan to end the organization’s holding-company structure by divvying out its remaining assets. One large shareholder, West Face Capital, has said it plans to vote against the initiative at a shareholder meeting in April.

In a statement, the company said it would continue its ongoing dialogue with shareholders and consider other alternatives available to it.

For the full year, the company posted a net loss of C$120 million, or C$2.59 a share, compared with a profit of C$1.40 billion, or C$11.44 a share, for 2007.

ACE shares closed at C$8 Thursday on the Toronto Stock Exchange.

$1=1.240 Canadian Dollar Reporting by Mary Meyase in Bangalore; Editing by Deepak Kannan

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