May 8, 2008 / 10:21 AM / 10 years ago

Air Canada's first-quarter loss deepens

TORONTO (Reuters) - Air Canada ACa.TO said on Thursday its first-quarter loss deepened, hurt by a hefty charge for cargo investigations and foreign exchange losses.

<p>Airplanes sit on the snow covered tarmac as snow is removed at Pearson International Airport in Toronto February 1, 2008. REUTERS/Mike Cassese</p>

The country’s largest airline posted a loss of C$288 million, or C$2.88 a share for the period, compared with a loss of C$34 million, or 34 Canadian cents a share for the same time in 2007.

The company said the 2008 quarter included a provision for cargo investigations of C$125 million and net losses on foreign currency monetary items of C$89 million.

($1=$1.00 Canadian)

Reporting by Scott Anderson; Editing by Derek Caney

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