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Chorus Aviation posts Q3 net income of CND 27.7m

Canada-based airline operator Chorus Aviation Inc (TSX: CHR.B) said that its operating revenue decreased from CND 435.6m in 3Q12 to CND 432.3m in 3Q13 representing a decrease of CND 3.4m or 0.8%.

Passenger revenue, excluding pass-through costs, increased by CND 1.8m or 0.7% primarily as a result of rate increases made pursuant to the Capacity Purchase Agreement (´CPA´) with Air Canada, a higher US dollar exchange rate and a CND 1.0m increase in incentives earned under the CPA with Air Canada; offset by decreased CPA billable block hours.

Pass-through costs reimbursed by Air Canada decreased from CND 166.1m to CND 160.9m, a decrease of CND 5.2m or 3.1%, which included a decrease ofCND 2.3 m related to fuel costs.

Operating expenses decreased from CND 399.3m to CND 393.0 m , a decrease of CND 6.3 m or 1.6%. Controllable Costs decreased by CND 1.1m, or 0.5%, and pass-through costs decreased by CND 5.2m or 3.1%.

Chorus Aviation owns Jazz Aviation LP and Chorus Leasing III Inc.

Jazz Aviation´s two airline divisions are Air Canada Express and Jazz. Under a capacity purchase agreement with Air Canada, Jazz provides service to and from lower-density markets as well as higher-density markets at off-peak times throughout Canada and to and from certain destinations in the United States.

Under the Jazz brand, the airline offers charters throughout North America with a dedicated fleet of five Bombardier (TSX: BBD-B) aircraft for corporate clients, governments, special interest groups and individuals seeking more convenience.

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