Chorus reports Q1 profit up on unrealized forex gain on long-term debt
Posted May 8, 2019 7:59 am.
This article is more than 5 years old.
HALIFAX — Chorus Aviation Inc. reported a first-quarter profit of $33.4 million, boosted by an unrealized foreign exchange gain related to its long-term debt.
The company, which provides regional services for Air Canada, says the profit was up from $5.2 million in the same quarter last year.
Operating revenue totalled $343.9 million, up from $323.7 million.
On an adjusted basis, Chorus says it earned $19 million for the quarter ended March 31, compared with an adjusted profit of $26.7 million a year ago.
Chorus and Air Canada extended their partnership earlier this year in a deal that will see Chorus subsidiary Jazz Aviation LP continue to provide Canada’s biggest airline with regional service through to 2035.
The company has also been growing its regional aircraft leasing business.
Companies in this story: (TSX:CHR)
The Canadian Press
