Chorus Aviation reports first-quarter 2020 net loss of CA$17.3 million

Chorus Aviation has reported a net loss of CA$17.3 million for the first quarter of 2020, a period-over-period decrease of CA$50.7 million due to the change in unrealized foreign exchange of CA$55.1 million. Adjusted net income of CA$25.0 million, an increase of CA$6.0 million quarter-over-quarter due to the growth in the Regional Aircraft Leasing segment was offset by a reduction in the Regional Aviation Services segment. The company reported adjusted EBITDA of CA$88.7 million, an increase of CA$14.0 million over first quarter of 2019.

Chorus reported increased cash and committed facilities to over CA$265 million through securing a two-year US$100.0 million unsecured revolving credit facility along with principal and interest payment deferrals for certain aircraft loans until September 30, 2020. (US$ 1.00 = CA$1.41 at time of publication.)

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