Skip to main content

The Globe and Mail

Air Canada parent ACE Aviation books loss

ACE Aviation Holdings Inc. CEO Robert Milton

Paul Chiasson/The Canadian Press

ACE Aviation Holdings Inc. , Air Canada's largest single shareholder, has reported a $4-million first-quarter loss.

Montreal-based ACE, a holding company planning to wind up operations within the next year, said Wednesday that the loss amounted to 13 cents a share.

That compared with a year-ago loss of $28-million or 87 cents, including ACE's proportionate share of Air Canada's losses, after adjustments, of $32-million.

Story continues below advertisement

The company, whose major assets include $362-million in cash and equivalents and an 11.1-per-cent equity interest in Air Canada as well as 2.5 million purchase warrants in Canada's largest airline, reported no operating income in either period.

However, it had interest income of $1-million in the latest period offset by a loss of $2-million on financial instruments. In the same quarter a year ago, it had $5 million in interest income, along with a $2-million gain on financial instruments and a $1-million investment loss.

ACE was formed in 2004 to be the airline's parent company as part of Air Canada's court-supervised restructuring. It has previously spun off the Aeroplan (TSX:AER) frequent flyer program and regional airline Jazz Air (TSX:CHR), as well as the technical service division.

ACE stock was down four cents at $11.61 at midday Wednesday on the Toronto Stock Exchange.

The Canadian Press

Report an error
As of December 20, 2017, we have temporarily removed commenting from our articles. We hope to have this resolved by the end of January 2018. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to