Chorus Aviation reports profit jump despite sluggish revenue rise

HALIFAX – Chorus Aviation Inc. reported a net profit of $36.6 million in its latest quarter as revenue rose 1.5 per cent compared with a year ago.

The regional aircraft company says profits amounted to 23 cents per share for the quarter ended Dec. 31, boosted by the sale of three Dash 8-400 turboprop planes and 60 per cent growth in the number of fleet leases to 64.

Chorus says net income increased by $34.3 million primarily due to a change in net unrealized foreign exchange gains on long-term debt.

Operating revenue totalled $338.6 million last quarter, up from $333.7 million a year earlier. Full-year profits nearly doubled from 2018 to $133.2 million though revenues inched up only one per cent to $1.35 billion.

On an adjusted basis, Halifax-based Chorus says it earned $23.3 million or 15 cents per share in its latest quarter, down by one-third from an adjusted profit of $35.3 million or 25 cents per share a year ago.

Analysts on average had expected an adjusted profit of $31.3 million or 19 cents per share, according to financial markets data firm Refinitiv.

This report by The Canadian Press was first published Feb. 13, 2020.

Companies in this story: (TSX:CHR)