Jazz Air parent reports $22.7-million fourth-quarter

Victoria
By Victoria February 21, 2012 16:00

Jazz Air parent reports $22.7-million fourth-quarter


 

Chorus Aviation, parent of Jazz Air, has earned $22.7 million in its fourth quarter compared with a loss of $11.9 million a year ago when the airline recorded an $8.9-million loss on derivatives.

 

Excluding unrealized foreign exchange gains and losses on long-term debt and finance leases, Chorus reported an adjusted profit of $19.6 million compared with a loss of $12.4 million in the last three months of 2010.

Operating revenue was also up to $407.7 million from $392.7 million a year ago due to higher costs for fuel, offset by lower airport and navigational fees and de-icing costs.

 

Passenger revenue, excluding pass-through costs, increased by $11.1 million due to higher U.S. dollar exchange rate, a $2.5-million increase in incentives earned under its deal with Air Canada and rate increases. These were offset by a decrease in billable block hours.

 

For the full year, Chorus reported a profit of $68.1 million on $1.66 billion in revenue. That compared with a profit of $55.9 million on $1.49 billion in revenue in 2010.

 

Victoria
By Victoria February 21, 2012 16:00
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