(Halifax) Chorus Aviation saw its profits fall 20% year over year in the fourth quarter, while its revenues were also down.
The Halifax-based airline posted net profit of $36.6 million for the quarter ended December 31, down from $45.9 million reported for the same period a year earlier.
Its revenues amounted to 421.5 million, which is lower than those of the last three months of 2022, which had been 439.8 million.
Chorus’ adjusted earnings per share reached 5 cents for the most recent quarter, compared to 11 cents for the same period a year earlier.
The Nova Scotia company points out that its financial leverage ratio — or its net debt divided by its adjusted earnings before interest, taxes, depreciation and amortization for the last 12 months — increased to 3.6 times at the end of the last year, compared to 4.4 times by the end of 2022.
Chorus leases aircraft around the world and provides regional services to Air Canada through its subsidiary Jazz Aviation.