08/12/2015 08:12 EDT | Updated 08/12/2016 05:59 EDT

Air Canada Soars Into Stratosphere On Low Fuel Costs

MONTREAL — Air Canada (TSX:AC) says its net income in the second quarter was $296 million, up 33 per cent from the comparable period last year, as the negative effects of a weaker Canadian dollar were offset by other factors.

Operating expenses rose only $31 million, even though the loonie's decline compared with the U.S. dollar increased Air Canada's costs for fuel and other items by $134 million.

Air Canada says lower prices for jet fuel largely offset the impact of other expenses while the lower Canadian dollar had a positive impact on revenue.

The Montreal-based airline's revenue for the three months was $3.414 billion, up $109 million from the second quarter of 2014.

Air Canada says that the weaker Canadian dollar had a $61-million positive impact on its revenue.

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