Air Canada Reports Full Year Profit Boost

Air Canada released its 2016 full year results on Friday, showing net income of CAD$876 million (USD$669 million), up from 2015’s CAD$308 million.

Operating revenue for the year was CAD$14.68 billion, a 5.8 percent increase on the previous year. Operating expenses of CAD$13.33 billion were up 8 percent on 2015.

Passenger traffic for the year grew 13.2 percent in revenue passenger miles (RPM) terms. Capacity in available seat miles (ASM) was up 14.7 percent leading to a 1 percentage point deterioration in load factor to 82.5 percent.

Air Canada carried 44.85 million passengers during the year, a 9.1 percent increase on 2015.

For the fourth quarter to end December 2016, the Montréal-based carrier reported a net loss of CAD$179 million, down from a CAD$116 million loss in the previous year quarter.

“In 2016, we achieved outstanding results, surpassing the previous records for EBITDAR, as well as for passenger and operating revenues,” Air Canada chief executive Calin Rovinescu said. “Traffic for the year grew by more than 13 percent… with the launch of 28 new routes including 15 new international and 12 US transborder routes.”

Air Canada announced a new livery design for its aircraft last week, and new uniforms for staff.