(Halifax) Chorus Aviation posted mixed financial results for its first quarter. Its revenue beat expectations, but its adjusted profit did not, as air travel began to pick up after the fifth wave of COVID-19 infections.
Posted at 1:58 p.m.
The Halifax-based carrier, which leases planes around the world and provides regional service to Air Canada, posted a net profit of 22.9 million for the quarter ended March 31, which compares with a loss of 38 .1 million during the same period last year.
Chorus’ operating revenue soared 69% to $342.4 million from $202.5 million in the same period last year.
Adjusted profit reached 17.7 million, or 10 cents per share, up from 15.7 million in the same quarter in 2021.
Earlier this week, Chorus Aviation completed its acquisition of London-based aircraft lessor Falko Regional Aircraft, increasing its customer base from 19 to 32 airlines, in a total of 23 countries.
Chorus CEO Joe Randell said the aircraft fleet will be “fully utilized” this summer as demand for air travel, including business travel, returns after more than two years of restrictions and confinements.