EnglishAir Canada, the largest airline in the respective country, reported a 21% profit decline in the second quarter amid rising fuel expenses. The company"s net profit decreased to 122 million CAD (115 million USD) from 155 million CAD. Analysts had forecasted losses. In the same period, sales increased 5.4% to 2.78 billion CAD, whereas operating revenues decreased to 7 million CAD from 88 million CAD in the year-ago period. Fuel expenses climbed 33%, forcing the management to terminate 2,000 jobs and reduce the number of international flights. Air Canada officials said they would be "more aggressive" in reducing expenses.
Air Canada Reports 21% Profit Decline
F.A.
Ziarul BURSA #English Section / 13 august 2008
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