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A Sky Regional Express Q400 turboprop aircraft is photographed on the tarmac at Billy Bishop Toronto City Airport on April 29 2011.

Fred Lum/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.

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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.

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