Air Canada posts second record profit

Air Canada said Wednesday it posted a record Can$1.2 billion (US $884 million) profit last year, more than doubling its previous record earnings in 2014, thanks largely to low fuel costs. Canada's flagship airline raked in Can$13.9 billion (US $10.1 billion) in revenues, up 4.5 percent from last year as it expanded capacity.
Meanwhile, its operating expenses fell one percent. The decrease was mainly due to the lower cost of jet fuel in the wake of tumbling oil prices, resulting in Can$924 million in fuel savings. The savings, however, were partially offset by higher overseas costs related to the low Canadian dollar, the carrier said. "In 2015, we achieved the best financial results in Air Canada's history for a second year in a row, by a substantial margin, underscoring the effectiveness of our business strategy and enhanced competitive position," said chief executive Calin Rovinescu. "Our results reflect the significant progress being achieved through our various value-enhancing initiatives, including fleet modernization, international expansion, the roll-out of rouge and our network diversification," he said.