Lessor and owner of Canadian carrier Jazz Air, Chorus Aviation announced it had achieved revenues of C$1.4 billion for 2019
This marked an adjusted EBITDA of $88.6 million, a small decrease of $3.4 million on the previous 12-month period, despite the firm increasing its committed leased fleet to 64 aircraft, representing growth of 60% year-over-year.
Chorus added new aircraft type through a sale leaseback transaction with Air Baltic for five new Airbus A220-300s., and also Croatia Airlines became as a new airline customer to the firm’s leasing portfolio.
In a statemen, Chorus said that it had also extended three aircraft lease agreements with Aeromexico Connect and completed an additional sale leaseback transaction with IndiGo for two new aircraft.
“2019 was a transformative year for Chorus creating significant value for all of our stakeholders. On total revenues of $1.4 billion, we generated adjusted EBITDA of $341.7 million,” said Joe Randell, president and chief executive officer, of Chorus.
Randell cited Air Canada’s $97.26 million investment in Chorus equity, which includes five-year hold period, as a sign of further alignment between the two firms and an endorsement of Chorus’s growth and diversification strategy.
Chorus now has a committed portfolio of 64 aircraft, a 60% increase over 2018, placed with 16 customers.
“We’re pleased with the returns we’re generating in our leasing business, which is delivering strong and consistent margins. Together with the aircraft we have leased under the CPA our committed portfolio comprises 1352 aircraft with approximately US $2.1 billion in future contracted lease revenue, making Chorus one of the world’s largest regional aircraft lessors, added Randell.
Chorus Aviation announces revenues of C$1.4 billion for 2019
