Air Canada plunges to net loss of $60 million in first quarter as labour costs climb 21%

Air Canada’s shares fell over 8% on May 2, 2024, after it posted a net loss of CA$81 million ($59.3 million) in the first quarter of the year, a sharp fall from its net profit of CA$4 million ($2.9 million) from the first quarter of last year. Its total revenues were CA$5.2bn ($3.8bn), up 7% YoY from CA$4.9bn in the first quarter of 2023. Though, its total operating expenses climbed in tandem from CA$4.9bn ($3.6bn) last year to CA$5.2bn ($3.8bn). The airline’s expenses outgrew its capacity growth of 11% YoY. “Our labour expense increased to 21%,” explained Air Canada chief