High dollar helps Air Canada profit

A stronger dollar helped Montreal-based Air Canada's earnings in the fourth quarter, the airline reported Thursday.

Profits rose to $134 million, compared with a loss of $56 million a year ago.

A stronger loonie went further when paying for goods or services in foreign currencies,cutting operating expenses by approximately $56 million when compared to the fourth quarter of 2009.

Earnings per share came in at 42 cents compared to a loss of 25 cents in the year-ago period.

Passenger revenues increased by $226 million, or 11.2 per cent, due to an eight per cent growth in traffic.

For the full fiscal year, Air Canada reported a net profit of $107 million, compared to a loss of $24 million in 2009. For the year, the company's planes flew 81 per cent full on average, the highest load factor in its history.

Air Canada shares closed down two cents, or 0.6 per cent, at $3.38 on the Toronto Stock Exchange.