Canadian airline company Chorus Aviation’s 2023 profit more than doubled year on year to C$106 million ($78.5 million) as all three segments of the company posted gains.
For the full year, revenue at Nova Scotia-based Chorus rose 5% to C$1.68 billion, up from C$1.59 billion in 2022.
Chorus owns Canadian regional airlines Jazz Aviation (an Air Canada feeder carrier) and Voyageur Airways, plus aircraft lessor Falko Regional Aircraft.
“Jazz continued to generate predictable earnings and cash flows under its long-term contract with Air Canada, while Voyageur made meaningful strides with two consecutive years of record growth in parts sales, defence and specialty MRO segments,” says chief executive Colin Copp.
“With the recovery in regional aircraft leasing markets and related improvements in airline credits, Falko successfully completed 57 aircraft transactions in 2023 and signed letters of intent for a further thirty aircraft transactions,” Copp adds. ”Falco continues to be the market leader in the regional aircraft leasing and asset management business.”
During the fourth quarter of 2023, Chorus’ profit fell 20% year on year to C$36.6 million, while its sales slipped 4% to C$421 million. Lease sales, parts sales and contract flying all fell slightly.
The largest regional operator in Canada, Jazz – which flies under the branding of Air Canada Express – has 104 regional jets and turboprops in service, according to Cirium fleets data.
