In the third-quarter, Chorus reported adjusted EBITDA of US$92.6 million, an increase of US$5.8 million or 6.7% relative to the third quarter of 2018.
The Regional Aircraft Leasing segment’s adjusted EBITDA increased by US$13.2 million related to the growth in aircraft earning leasing revenue. The Regional Aviation Services segment’s adjusted EBITDA decreased US$7.4 million, partially offsetting the previously described increase.
Adjusted net income was US$29.2 million for the quarter, a decrease from 2018 of US$1.6 million or 5.2%. Net income was US$24.2 million, a decrease of US$0.6 million over the 2018 period excluding the quarter-over-quarter change in net unrealized foreign exchange losses on long-term debt of US$18.9 million. The decrease was due to the previously noted US$1.6 million decrease in adjusted net income, offset by decreased employee separation program costs of US$1.0 million.
