Chorus Aviation second-quarter figures steady

Halifax-headquartered Chorus Aviation announced a suite of steady-as-she-goes second-quarter figures Thursday.

In a news release, the company’s chief executive and president Joe Randell reported adjusted EBITDA of $65.5 million against $57.8 million in 2016 — an increase of $7.7 million or 13.3 per cent.

Randell said that was driven by increased leasing to Air Canada to a value of $6.4 million; a $4.6 million increase relating to incremental margin attributed to non-CPA aircraft leasing and maintenance, repair and overhaul; and new international business worth $700,000.

Adjusted net income was $26.7 million for the quarter, an increase from Q2 2016 of $4.9 million, or 22.3 per cent, the release said. That was a result of the $7.7-million increase in adjusted EBITDA plus a $3.5-million decrease in income taxes, it said.

Second quarter net income, meanwhile, was $40.8 million, the statement said — an increase of $17.2 million from Q2 2016.

The company used the results to also announce its addition of 17 more aircraft, bringing its fleet to 56.

Randell said he is pleased with the company’s financial performance in the quarter, and that Chorus has made significant progress in growth and diversification. It is “delivering a complete suite of regional aviation services including contracted flying, aircraft engineering, maintenance, repair and overhaul, parts provisioning and aircraft leasing solutions,” he said.


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