AIR CANADA lost C$493m in 4Q21 (vs C$152m profit in 4Q19) on 38% lower revenues; and C$3.6b in 2021 (vs C$1.5b profit in 2019) on 66% lower revenues (it has C$10.4b liquidity). It expects 1Q22 capacity to be down 44% vs 1Q19.

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