Chorus Aviation lifts Q1 earnings on leasing business

Chorus Aviation boosted its Q1 adjusted earnings 43% year-over-year and operating revenues 9% on the strength of its growing aircraft leasing business. Chorus, best known as operator of Air Canada regional feeder partner, boosted adjusted EBITDA to C$78m (US$60.1m), up $23m. Nearly $14m of the EBITA gain came from the leasing business, the company said. Company operating revenues rose to $347.5m, up $27.8m. Adjusted net income jumped 65% to $26.5m from $16.1m. Net income fell 81% to $5.5m from $26.9m primarily because of foreign-exchange rate headwinds as a result of the weak Canadian dollar. Chorus’s growing leasing arm is up to 23 aircraft, excluding those leased to Air Canada as part of capacity-purchase agreements. <br/>