Double digit profit rise for Chorus Aviation

Chorus Aviation posted net income for the year 2012 of C$101.1 million, an increase of 48.4% from C$68.1 million. Operating revenue increased 2.8% to C$1,710.7 million. Operating expenses increased from $1,562.5 million to $1,582.1 million, an increase of $19.6 million or 1.3%. Controllable Costs increased by $30.9 million or 3.5%; offset by a decrease in pass-through costs of $11.3 million.
EBITDA was $185.3 million compared to $146.1 million in 2011, an increase of $39.3 million or 26.9%, producing an EBITDA margin of 10.8%.
Operating income was $128.6 million for the year ended December 31, 2012, was up $26.6 million or 26.1% over the year 2011 from $101.9 million.
"I am pleased with our annual and fourth quarter financial and operational performance," said Joseph Randell, President and Chief Executive Officer, Chorus. "Our operating income improvement of $26.6 million was driven by the operating margin from our Q400 leasing operations, the one-time termination fee from Thomas Cook and incentive revenue earned under the CPA. Our continuous focus on safety and operational excellence resulted in a $4.4 million increase in performance incentives earned in 2012 over 2011 as we consistently maintained the highest standing in on-time performance amongst Canada's major operators. This is a great accomplishment when you consider we fly more daily flights within Canada and fly to more Canadian destinations than any other carrier - I commend our employees for their exceptional hard work and dedication."
"The resolution to the benchmarking arbitration with Air Canada has unfortunately been further delayed," continued Randell. "Although there can be no assurances as to the outcome, we remain confident in our position and continue to work to reach a successful conclusion on the remaining issues in dispute. In the meantime, we prepare for the future by focusing on the imperative of cost competitiveness while strengthening our foundation. This will allow us to sustain a strong organization."