Air Canada posted a CAD450 million swing in earnings in the third quarter when it reported a net loss of CAD124 million, down CAD441 million on foreign exchange losses of CAD281 million. It also reported earning an EBITDAR (earnings before interest, taxes depreciation, amortisation and impairment and aircraft rent) profit of CAD535 million, down CAD45 million year on year resulting in a 16.5% EBITDAR margin.

The company achieved its targeted CAD530 million in annual benefits from its cost transformation program (CTP), critical to reducing unit costs. The company also reduced adjusted net debt by nearly CAD500 million year on year.