Chorus Aviation reports Q2 profit down from year ago due to pandemic
Posted Aug 13, 2020 6:19 am.
Last Updated Aug 13, 2020 6:30 am.
HALIFAX — Chorus Aviation Inc. reported its second-quarter profit fell compared with a year ago as the economic impact of COVID-19 took its toll on the company.
The regional aviation company says it earned $29.2 million or 18 cents per diluted share for the quarter ended June 30, down from $38.9 million or 24 cents per diluted share a year ago.
Operating revenue fell to $184.2 million compared with $332.5 million in the same quarter last year.
On an adjusted basis, Chorus says it earned 13 cents per share for the quarter, down from an adjusted profit of 15 cents per share a year ago.
The average analyst estimate had been for an adjusted profit of 11 cents per share for the quarter, according to financial markets data firm Refinitiv.
Chorus provides regional aviation services to Air Canada as well as regional aircraft leasing to customers around the world.
This report by The Canadian Press was first published Aug. 13, 2020.
Companies in this story: (TSX:CHR)
The Canadian Press
