Air Canada Jazz Bombardier CRJ aircraft
Jazz Air parent Chorus Aviation reported a net income of C$61.9 million ($57.8 million) for 2013, down 38.3% over C$100.2 million in 2012.
Full-year revenue for the Halifax-based regional carrier was C$1.67 billion, down 2.3% year-over year from C$1.71 billion recorded in 2012. Expenses were trimmed 2.3% year-over-year to C$1.55 billion from C$1.58 billion in 2012. The resulting operating income for the full-year was C$124.3 million, down 2.5% from a 2012 operating income of C$127.4 million.
The company reported adjusted net income for the year of C$84.7 million, or C$0.69 per basic share, down 10.5% compared to 2012’s adjusted net income of C$94.6 million, or C$0.76 per basic share. It said the year’s adjusted net income was “impacted by C$9.9 million in voluntary employee severance costs which were offset by savings of C$2.7 million in reduced salaries, benefits, training and other costs.”
“ revenue decreased as a result of no activity for Thomas Cook in 2013 [the Flight Services Agreement to operate dedicated charter aircraft service Thomas Cook Canada was terminated in April 2012] and decreased CPA [Capacity Purchase Agreement] billable block hours,” Chorus Aviation said in a statement. “Net income decreased due to the unrealized foreign exchange loss on long-term debt and finance leases and increased interest expense related to the [Bombardier] Q400 aircraft and engine financing.”
Chorus’ ASMs in 2013 were 5.7 billion, down 2% year-over-year. CASM was 27.17 (up 0.5%) while CASM ex-fuel was 20.52 (up 0.7% from 2012). Fuel expenses for the year were C$379 million, down 4.4% from 2012.
Chorus’ fourth-quarter net income was C$8.76 million, down 39.4% from a C$14.5 million profit in the year-ago December quarter. Revenue rose 0.4% to C$413.2 million while expenses fell 1.5% to $380.8 million, producing an operating profit of $32.5 million, up 29.2% from $25.1 million in 2012’s fourth-quarter.
As of Dec. 31, 2013, Chorus Aviation’s fleet consists of 127 operating aircraft: 42 regional jets (26 Bombardier CRJ200s and 16 CRJ705s) and 85 turboprops (21 Q400s, 28 Dash 8-300s and 36 Dash 8-100s).