Airline holding company ACE Aviation Holdings Inc, the parent company of Air Canada, has reported a net loss for the first quarter of CAD182m.

This figure includes a provision for cargo investigations of CAD125m, foreign exchange losses of CAD89m and an aircraft impairment charge of CAD38m, as well as a pre-tax gain of CAD89m from the sale of Jazz units in January 2008. Last year's net loss was CAD72m.

ACE said that its operating loss (before provision for cargo investigations) was CAD27m, while Air Canada reported an operating loss (before provision for cargo investigations) of CAD12m, an improvement of CAD66m over the first quarter of 2007.

Operating revenues for the group in the first quarter totalled CAD2.7bn, up from CAD2.6bn a year ago.

ACE completed a CAD1.5bn substantial issuer bid in January 2008 and its board of directors has now authorised a new substantial issuer bid to purchase for cancellation up to CAD500m of the company's Class A Variable Voting Shares and Class B Voting Shares for a combined aggregate of up to 23,809,523 shares.