Chorus Aviation Calls 2019 “A Year Of Outstanding Accomplishments”
Bruce Parkinson, Open Jaw
Chorus Aviation Inc. has announced fourth quarter and year-end 2019 financial results.
For the full year 2019, the company posted net income of $133.2 million, a period-over-period increase of $65.7 million.
"2019 was a transformative year for Chorus creating significant value for all of our stakeholders. On total revenues of $1.4 billion, we generated adjusted EBITDA of $341.7 million,” said Joe Randell, President and Chief Executive Officer.
“We secured and strengthened our partnership with Air Canada by amending and extending the CPA (Capacity Purchase Agreement) for a further 17 years, providing a minimum of $2.5 billion in contracted revenues with opportunities to increase further. This was a critical accomplishment as it laid a strong, long-term foundation from which we continue to build and diversify our company.”
Randell added that Air Canada's $97.26 million investment in Chorus equity “further aligns our organizations and is a strong endorsement of our growth and diversification strategy.”
During 2019, Chorus carried just under 11 million passengers under the Air Canada Express brand, secured new contracted flying missions in several international markets, and established an aircraft parts depot in Dubai.
More highlights from Randell:
“We made significant advancements in maturing our business to become a worldwide provider of regional aviation solutions.
We now have a committed portfolio of 64 aircraft, a 60% increase over 2018, placed with 16 customers.
We're pleased with the returns we're generating in our leasing business, which is delivering strong and consistent margins.
Together with the aircraft we have leased under the CPA our committed portfolio comprises 135 aircraft with approximately US $2.1 billion in future contracted lease revenue, making Chorus one of the world's largest regional aircraft lessors.”
Bruce Parkinson Editor-in-Chief
An observer and analyst of the Canadian and international travel industries for over 25 years, Bruce uses the pre-dawn hours to prepare a daily news and information package to keep industry members up to date.