|Air Canada's Boeing 787-8 Dreamliner fin Photo: Air Canada
[Avionics Today 02-12-2015] Air Canada has reported its highest annual adjusted net income in its 77-year history. For the full year 2014, the airline reported adjusted net income of $531 million in 2014 versus adjusted net income of $340 million in 2013, an increase of $191 million. Operating income was $815 million in 2014, an increase of $196 million or 31.7 per cent from 2013.
The airline served almost 3 million more customers in 2014, or a total of 38.5 million including three million customers on rouge, according to Calin Rovinescu, president and chief executive officer of Air Canada.
"In 2014, Air Canada achieved its best full year financial performance in the corporation's 77-year history. Adjusted net income was $531 million, representing an increase of 56.2 per cent year-over-year," said Rovinescu. "Record results for a second consecutive year represent a significant step toward our goal of sustainable profitability, and allow us to pay out $46 million to employees through the profit sharing program, an increase of $15 million from the previous year.”
The CEO expects lower fuel prices to drive significant cost savings in 2015 and an opportunity to increase adjusted net income and reduce adjusted net debt.