Air Canada reported an adjusted net income of C$516m (US$393m) for Q3, down 39% from a restated adjusted net income of $922 for the year-ago quarter. The carrier’s Q3 unadjusted net income was $645m, compared to $1.7b a year ago, when the airline received a net income tax recovery of $793m. The carrier saw record Q3 operating revenues of $5.4b, an 11% increase year-over-year from $4.9b. “Strong revenue and cost management substantially offset the challenges we faced in the quarter, principally the significant increase in fuel prices,” CE Calin Rovinescu said. Traffic increased 7.5% YOY and capacity was up 6.7%, while PRASM rose 4.2% to C15.1 cents and yield increased 3.4% to C17.6 cents. Rising fuel prices and the capacity increase contributed to a 17% increase in operating expenses to C$4.6b YOY. <br/>