Northern News Services

Yellowknife (July 30/01) - Nav Canada is having a better year than expected thanks to low interest rates.

The company's revenues for the third quarter were $223 million, coming mostly from service charges.

Nav Can spokesperson John Morris said charges are based on weight and the distance travelled through Nav Can regulated airspace as well as fees charged for take off and landings.

Non-operating expenses, including interest and depreciation, amounted to $50 million, resulting in an excess of expenses over revenues of $12 million compared to a $1 million excess of revenues over expenses for the same quarter last year.

In the third quarter air traffic grew by the expected four per cent.

Nav Canada collects revenues for providing air traffic and navigation services.