Chorus Aviation has reported net income of CA$20.5 million for the third quarter of 2020, a decrease of CA$3.7 million due to the impact of COVID-19 on its results, offset by a change in unrealized foreign exchange of CA$24.9 million. Adjusted net income decreased CA$18.2 million to of CA$10.9 million and Adjusted EBITDA was CA$85.9 million, a decrease of CA$6.8 million over third quarter 2019 primarily due to the impact of COVID-19 on financial results.
At the end of the third quarter the company had liquidity of approximately CA$218.0 million, an increase of approximately CA$30.0 million over the second quarter 2020. Chorus Aviation collected approximately 50.0% of lease revenue billed in the third quarter, excluding repossessed aircraft, a 22-percentage-point improvement over the second quarter of 2020.
The company delivered the third of five new Airbus A220-300 aircraft to air Baltic of Latvia. (US$1.00 = CA$1.31 at time of publication.)
