Air Canada reveals Q1 loss in preliminary quarterly report ahead of debt talks

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An Air Canada aircraft is unloaded at the Halifax Stanfield International Airport in Enfield, N.S. on Wednesday, March 7, 2012. Air Canada estimates it had a 60-million net loss in the first three months of this year, down from 74 million in the first quarter of 2012, the Montreal-based airline said Monday as it released preliminary results. THE CANADIAN PRESS/Andrew Vaughan

MONTREAL – Air Canada (TSX:AC.A) says it had smaller losses in the first three months of this year than in the comparable quarter last year.

Air Canada estimates it had a $260-million net loss, down from $274 million in the first quarter of 2012.

The airline issued the preliminary estimates and an updated outlook for 2013 so it can disclose the information in meetings as it explores a range of debt financing options ahead of the full quarterly report on May 3.

As of the end of March, Air Canada had nearly $4 billion of adjusted net debt — $246 million less than a year earlier.

The most recent quarter included a $24-million accounting item related to the impaired value of some of its passenger jets.

Air Canada’s adjusted net loss excluding the asset impairment was about $143 million, about $20 million less than in the first quarter of 2012.

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