A Sky Regional Express Q400 turboprop aircraft is photographed on the tarmac at Billy Bishop Toronto City Airport on April 29 2011.Fred Lum/The Globe and Mail
ACE Aviation Holdings Inc. , Air Canada's largest single shareholder, says it booked a $2-million loss in the second quarter.
Montreal-based ACE, a holding company planning to wind up operations within the next year, said Friday the results compared to a loss of $64-million a year ago.
The company, whose major assets include $351-million in cash and equivalents as well as 2.5 million purchase warrants in Canada's largest airline, reported no operating income in either period.
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 frequent flyer program and regional airline Jazz Air , as well as the technical service division.