Air Canada earned $345 million or $1.26 per diluted share for its first quarter. (Photo by THE CANADIAN PRESS)

Air Canada reports first-quarter profit, operating revenue climbs higher

MONTREAL — Air Canada reported a profit in its latest quarter compared with a loss a year ago as it saw its operating revenue rise nine per cent.

The airline says it earned $345 million or $1.26 per diluted share for its first quarter, compared with a loss of $203 million or 74 cents per diluted share in the same quarter a year ago.

Air Canada says the results included foreign exchange gains of $263 million in its most recent quarter compared with foreign exchange losses of $197 million in the first quarter of 2018.

On an adjusted basis, the airline says it earned $17 million or six cents per diluted share in the quarter compared with an adjusted loss of $26 million or 10 cents per diluted share a year ago.

Operating revenue rose to $4.45 billion compared with $4.07 billion in the first three months of 2018.

Analysts on average had expected a loss of 18 cents per share and revenue of nearly $4.39 billion for the quarter, according to Thomson Reuters Eikon.

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