Chorus Aviation posts first-quarter net income of CA$32.0 million

Chorus Aviation has posted net income of CA$320 million for the first quarter of 2023, an increase of CA$9.1 million compared to the previous year. Chorus Aviation reported Adjusted EBITDA of CA$118.1 million, an increase of CA$34.8 million over the first quarter of 2022. The RAL segment’s Adjusted EBITDA was CA$61.6 million, a quarter-over-quarter increase of CA$29.9 million primarily due to Falko’s earnings inclusive of CA$6.7 million due to the recognition of non-reimbursable end-of-lease maintenance reserves.

The RAS segment’s Adjusted EBITDA was CA$63.9 million, an increase of CA$6.5 million over the first quarter of 2022. First-quarter results were impacted by an increase in other revenue of CA$6.7 million due to an increase in parts sales, third-party MRO activity and contract flying and an increase in aircraft leasing revenue under the CPA of CA$2.4 million primarily due to a higher US dollar exchange rate
Corporate Adjusted EBITDA or net expenses of CA$7.4 million were higher than the first quarter of 2022 by CA$1.6 million due to an increase in general administrative expenses related to higher professional fees, salaries, wages and benefits and travel expenses.

Chorus is a leading, global aviation solutions provider and asset manager, focused on regional aviation. Its principal subsidiaries are: Falko Regional Aircraft, a leading
pure-play regional aircraft asset manager and lessor, managing investments on behalf of third-party fund investors; Jazz Aviation, the largest regional operator in Canada and the sole provider of regional air services under the Air Canada Express brand; Voyageur Aviation, a provider of specialty charter, aircraft modifications, parts provisioning and in-service support services; and Cygnet Aviation Academy, an industry leading accredited training academy preparing pilots for direct entry into airlines. Together, Chorus’ subsidiaries provide services that encompass every stage of a regional aircraft’s lifecycle, including: aircraft acquisition and leasing; aircraft refurbishment, engineering, modification, repurposing and transition; contract flying; aircraft and component maintenance, disassembly, and parts provisioning; and pilot training. (£1.00 = CA$1.67 at time of publication).