Costs related to an unfavourable Eurpean tax ruling contributed to an $11-million fourth-quarter loss for Groupe Aeroplan, the former Air Canada subsidiary that runs loyalty-points programs for other companies.
The loss amounted to seven cents per share and contrasted with a year-earlier profit of $20.5-million or 10 cents per share.
Despite the tax ruling, which was the culmination of a multi-year dispute, chief executive Rupert Duchesne said Friday the company performed well in 2011 and is positioned this year to grow globally.
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