MONTREAL – Air Canada is reporting a first-quarter net loss of $341 million, or $1.20 per diluted share, as it was impacted by a lower Canadian dollar.

That compares with a net loss of $260 million, or 95 cents, in the same quarter last year for Air Canada (TSX:AC.B).

The airline says the net loss in the first quarter included foreign exchange losses of $161 million, versus foreign exchange losses of $40 million in the first quarter of 2013.

On an adjusted basis, the airline reported a net loss of $132 million, or 46 cents per diluted share, compared with a net loss of $143 million, or 52 cents per share, year-over-year.

Total revenues were up at $3.065 billion versus $2.952 billion year-over-year.

Air Canada says its earnings before interest, taxes, depreciation, amortization and impairment, and aircraft rent (EBITDAR) was $147 million compared with $145 million in the same quarter last year.

RBC Capital Markets analyst Walter Spracklin said the airline’s EBITDAR was in line to slightly better than the guidance Air Canada had provided.

The airline also posted an operating loss of $62 million in quarter, a $44 million improvement from the same quarter in 2013.

“I am pleased to report that despite the challenges of several extreme weather events and the impact of a much lower Canadian dollar in the first quarter, we delivered improved EBITDAR and adjusted results over the previous year,” president and CEO Calin Rovinescu said in a news release on Thursday.