AC is reporting a quarterly loss (2nd quarter 2011) of $46M as compared to $318M last year. Operating income improved to $73M (from $46M last yr).
Westjet triples earnings....AC narrows loss. http://business.financialpost.com/2011/08/04/west-jet-earnings-triple-air-canada-narrows-loss/
AC has a huge pension bill that WS does not. This consistently eats into AC's profit potential. If WS had an employee pension plan, it would not likely make much of a profit.