Shrinking yields and traffic that out-paces capacity growth aren’t necessarily positive trends for airlines, but at Air Canada, they are indications that the company’s drive to sustained profitability is progressing. The carrier’s second-quarter metrics include a swing-to-profit, a 2.1% year-over-year decline in yield and 9.9% revenue passenger mile (RPM) growth on an 8.5% bump in available seat miles (ASMs)—figures that Air Canada executives say reflect a shift to ...

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