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Jazz carrier Chorus Aviation posts flat profit, higher revenue

Baggage is loaded onto an Air Canada Jazz flight flying out the Greater Moncton International Airport on June 12, 2014.

Fred Lum/The Globe and Mail

Chorus Aviation Inc. reported relatively flat adjusted profit in the second quarter, as it was helped by a stronger Canadian dollar and lower airport and terminal fees.

Excluding one-time items, the Halifax-based airline, which operates fights for Air Canada under the Jazz banner, had an adjusted profit of $22.2-million for the three-month period ended June 30.

That amounted to 18 cents per share, slightly higher than the $21.4-million or 17 cents in the same quarter a year earlier.

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It had earnings of $36.5-million or 30 cents per share, compared with $7.9-million or 6 cents, year over year.

Chorus said the profit had an unrealized foreign exchange gain of $14.3-million versus an unrealized foreign exchange loss of $13.5-million in the same period of 2013.

Operating revenue climbed nearly 2 per cent to $417.8-million from $410-million in the same quarter of 2013.

"Chorus continues to generate positive operating income and cash flows from operations, and I'm pleased to report strong earnings and operational performance again this quarter," said Joseph Randell, company present and CEO in a statement.

Chorus operates Air Canada Express flights under a capacity purchase agreement with Air Canada as well as charter service under the Jazz banner. It has a fleet of 122 aircraft. The airline was formed in 2001 when Air Canada combined four regional carriers into one.

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