Chorus Aviation reports third quarter 2019 financial results

Darren Wood
By Darren Wood November 15, 2019 12:14

Chorus Aviation reports third quarter 2019 financial results

Chorus Aviation has reported net income of $24.2 million in its thirdquarter 2019 financial results.

During the period, adjusted net income stood at $29.2 million, a decrease of $1.6 million from the same period last year.

The group’s adjusted EBITDA of $92.6 million saw an increase of $5.8 million due to growth in the regional aircraft leasing segment offset by planned reductions resulting from the 2019 CPA Agreement (‘CPA’) amendments.

During the period, Chorus completed the first sale of leased assets; three Dash 8-400s on lease since 2017, for net proceeds of approximately $25 million after debt repayment.

Joe Randell, Chorus president and chief executive officer, commented: “I’m very pleased with our performance in the third quarter.

“We delivered or acquired 17 aircraft since the second quarter. This was a tremendous accomplishment by our technical team – truly an indication of the expertise we have at Chorus.

“Our revenues are starting to reflect the new leases we’ve added to our portfolio so far this year, as evidenced by the 22% contribution to the overall adjusted EBT.”

“The growth momentum in our leasing business continued when we welcomed a new customer, Malindo Air, a member of the Lion Air Group, for the lease of two new ATR72-600s, and the acquisition of two existing ATR72-600s already on lease from another lessor.  These aircraft further extend our reach into the rapidly growing Southeast Asia market.  We have a healthy pipeline and expect to have news of additional lease transactions soon.”

Darren Wood
By Darren Wood November 15, 2019 12:14