Feb 7 Reuters) - Air Canada reported a fourth-quarter operating profit, helped by tighter cost controls, and said it would launch premium economy services on international flights as it tries to attract more business travelers.
Canada's biggest airline, whose main competitor is WestJet Airlines Ltd
Air Canada joins several other major airlines that have been looking to boost revenue by introducing "premium economy" seating, which offers more leg room, priority boarding and refundable tickets.
Air Canada also plans to launch a low-cost vacation carrier in July as competition in Canadian skies heats up with WestJet preparing to launch Encore, its regional airline.
Air Canada's operating income in the quarter was C$46 million ($46 million), compared with a loss of C$98 million a year earlier.
Net income was C$8 million, or 3 Canadian cents per share, compared with a loss of C$60 million, or 22 Canadian cents per share, a year earlier.
On an adjusted basis, the net loss was 2 Canadian cents per share.
Operating revenue rose 5 percent to C$2.84 billion.
Operating expenses in the quarter fell C$2 million, mainly due to lower aircraft maintenance costs and a drop in ownership costs.
The airline said it expects system ASM capacity, as measured by available seat miles (ASMs), to decrease by up to 1.5 percent in the current quarter due in large part to a leap year day last year.
WestJet reported a stronger-than-expected jump in fourth-quarter profit on Wednesday, but gave a disappointing revenue outlook for the current quarter.
(Reporting By Nicole Mordant in Vancouver and Bhaswati Mukhopadhyay in Bangalore; Editing by Don Sebastian and Saumyadeb Chakrabarty)
Source: http://news.yahoo.com/air-canada-posts-operating-profit-cost-control-pays-111343904--sector.html
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