Chorus Aviation announced Q2/17 adjusted net income of $26.7 million was up 22.3% from $21.8 million in the same quarter a year earlier. Operating income of $38.4 million was up $4.0 million from Q2/16.
Chorus noted that Chorus Aviation Capital (CAC) is quickly becoming a globally significant regional aircraft lessor through the acquisition of leases with new customers located across five continents, and a diversified fleet comprised of the regional jet and turbo-prop offerings from Bombardier, ATR and Embraer.
To date CAC has completed the acquisition of six ATR 72-600 aircraft on lease to Flybe and Virgin Australia, and three Bombardier Q400s to Falcon Aviation Services of Abu Dhabi. It also delivered the third of four CRJ1000 regional jets to Air Nostrum, and announced its intention to acquire one Embraer 190 aircraft on lease to KLM Cityhopper, and three Embraer 190 aircraft on lease to Aeromexico Connect.
Within the first seven months of its existence, CAC has grown Chorus’ fleet of regional aircraft outside of the capacity purchase agreement (CPA) with Air Canada to 17 aircraft with the average age of this fleet being approximately three years.
Chorus noted its leased fleet diversified and grew to 56 upon completion of announced leased transactions for 17 regional aircraft to date by Chorus Aviation Capital. Five new CRJ900 aircraft entered operation with Jazz’s Air Canada Express.
“I’m pleased with our financial performance in the second quarter, delivering increases in adjusted EBITDA and adjusted net earnings of 13.3% and 22.3%, respectively, over the same period in 2016,” said Joe Randell, president and CEO of Chorus. “We’re making significant progress in growth and diversification as we build Chorus Aviation Capital into a leading regional aircraft lessor. Our objective is to become one of the top regional aircraft lessors in the world. Aside from the 39 regional aircraft under lease in the CPA, we have announced an additional 17 aircraft, bringing the total to 56. Diversification is made more robust through now securing products manufactured by the three, world leading regional aircraft manufacturers; Bombardier, ATR and Embraer, while adding new, well-established customers geographically dispersed across five continents. Along with the solid performance of our core businesses in Jazz and Voyageur, we’re transforming our organization into a global leader in regional aviation.”
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