Air Canada (AC.TO) reported a wider loss than analysts expected in the first quarter of the year, as costs climbed and pent-up demand slowed, sending the airline’s shares down nine per cent on Thursday.
The Montreal-based airline reported an adjusted net loss of $96 million, or 27 cents per share, more than the seven cents per share loss that analysts had expected. Shares of Air Canada were trading on the Toronto Stock Exchange at $18.58 as at 2:20 p.m. ET, a decline of nine per cent compared to Wednesday’s close.
Operating expenses grew six per cent in the quarter to $5.2 billion. While the airline benefited from falling jet fuel prices, which declined 18 per cent in the quarter, it saw other…
