Despite disruptions caused by the grounding of Boeing’s 737 Max jets, Air Canada posted a quarterly profit Monday which saw its shares rise—up over five per cent at close.. Revenues reached $4.45 billion, up from $4.07 billion in the first quarter of 2018. Analysts were expecting a loss of 18 cents per share and revenue of nearly $4.39 billion, according to Thomson Reuters Eikon analyst estimates. An increase in passengers and the airline’s purchase of the Aeroplan loyalty program were large contributors to the positive quarter. (Reuters, Canadian Press)

Talking point: The quarterly profit was surprising, given the turmoil many airlines have faced in the grounding of Max jets, of which Air Canada has 24. That’s about 20 per cent of its single-aisle planes; the airline was due to receive another 12 by June. Michael Rousseau, the company’s CFO, said it still faces financial uncertainty over the matter: “The impact on our unit cost is expected to increase the longer the grounding persists, particularly heading towards the busy summer season,” he told The Canadian Press, noting that less fuel-efficient replacement planes and lower seat capacity will hurt Air Canada’s bottom line next quarter.