CANADAHALIFAX news Chorus CEO says air travel poised for ‘extremely strong’ recovery this summer by admin 7 مايو، 2022 written by admin 7 مايو، 2022 35 The Halifax-based company earned a net income of $22.9 million in the quarter ended March 31 CITYnews halifax \ Canadian Press Listen to this article HALIFAX — The head of Chorus Aviation Inc. says travellers are returning to the skies en masse, leaving the company poised to benefit after feeling the pinch of COVID-19’s fifth wave last quarter. “I think the pace of the recovery is extremely strong. People are anxious to get back up in the air,” CEO Joe Randell told analysts on a conference call Friday. The Halifax-based company, which leases planes across the globe and provides regional service for Air Canada via Chorus subsidiary Jazz Aviation, will see its fleet “very fully utilized” this summer, including Jazz’s 48 planes, he said. “It’s all go.” Business travel, which yields fatter margins and a traditionally disproportionate share of ticket earnings, is also starting to come back after a much slower rebound than leisure trips. “Anecdotally I see all kinds of signs of business travel picking up. We had our board meeting here yesterday with folks from Ireland and California, etc. Everybody’s travelling,” Randell said from Halifax. “As a matter of fact, we’re leaving again on Sunday night … All signs are very positive.” Prompting the Chorus executives’ trips was a flurry of activity around its acquisition of London-based plane-leasing outfit Falko Regional Aircraft Ltd. The deal, which closed Tuesday, boosts Chorus’s customer base to 32 airlines from 19 across 23 countries, up from 16. The 16-year-old company now has US$4.5 billion of assets under management and owns, manages or operates 348 regional aircraft. Despite Randell’s optimism, Chorus saw mixed earnings results that beat first-quarter revenue expectations but fell short on adjusted earnings. The company’s net income of $22.9 million in the quarter ended March 31 marked a strong bounce-back from a loss of $38.1 million in the same period last year. And operating revenues rose 69 per cent to $342.4 million from $202.5 million. However, adjusted earnings before interest, taxes, depreciation and amortization rang in at $83 million, below consensus of $86 million, according to RBC Capital Markets. Adjusted net income of $17.7 million or 10 cents per basic share last quarter marked a jump from $15.7 million in 2021. The company’s share price fell 4.2 per cent or 16 cents to $3.65 in midday trading on the Toronto Stock Exchange. This report by The Canadian Press was first published May 6, 2022. Companies in this story: (TSX:CHR, TSX:AC) Christopher Reynolds, The Canadian Press 0 comment 0 FacebookTwitterPinterestEmail admin previous post Dartmouth author shines spotlight on first responders in new fiction next post Halifax police launch Gun Violence Tip Line You may also like Mark Carney expected to call federal election on... 20 مارس، 2025 منع ارتداء النقاب في مدارس كيبيك العامة والخاصة 20 مارس، 2025 حديث ترامب عن الضمّ دفع كندا إلى محادثات... 20 مارس، 2025 كارني يطلب الأحد حلّ البرلمان وإطلاق الحملة الانتخابية،... 20 مارس، 2025 محاولات إدخال البيْض، لا الفنتانيل، في تزايد إلى... 20 مارس، 2025 City officials remove remaining tents on Halifax Common 20 مارس، 2025 HRM council directs staff to create cancer screening... 20 مارس، 2025 In response to critics, Nova Scotia amends bills... 20 مارس، 2025 Seafood industry faces uncertainty as Chinese tariffs take... 20 مارس، 2025 تراجع ملحوظ في الهجرة غير الدائمة إلى كندا 20 مارس، 2025