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.
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