MONTREAL — Air Canada says that negative changes to foreign exchange rates drove it to a $231-million net loss in the fourth quarter, but it would have otherwise turned a profit during the three-month period.

The Montreal-based airline’s revenue was $4.24 billion, which was up from $3.82 billion a year earlier.

Its net loss amounted to 85 cents per diluted share for the three months ended Dec. 31, including $269 million of foreign exchange losses recorded under generally accepted accounting rules.

That compared with a net profit of $8 million or two cents per share in the fourth quarter of 2017, with $62 million of foreign exchange losses a year earlier.

Air Canada’s adjusted net income, which excludes the impact of foreign exchange gains or losses, was $54 million or 20 cents per share, down from $60 million of 22 cents per share a year earlier.

Analysts had estimated 15 cents per share of adjusted net income and $4.2 billion of revenue, according to Thomson Reuters Eikon.