Chorus Aviation, parent of Jazz Air, has earned $22.7 million in its fourth quarter compared with a loss of $11.9 million a year ago when the airline recorded an $8.9-million loss on derivatives.
Excluding unrealized foreign exchange gains and losses on long-term debt and finance leases, Chorus reported an adjusted profit of $19.6 million compared with a loss of $12.4 million in the last three months of 2010.
Operating revenue was also up to $407.7 million from $392.7 million a year ago due to higher costs for fuel, offset by lower airport and navigational fees and de-icing costs.
Passenger revenue, excluding pass-through costs, increased by $11.1 million due to higher U.S. dollar exchange rate, a $2.5-million increase in incentives earned under its deal with Air Canada and rate increases. These were offset by a decrease in billable block hours.
For the full year, Chorus reported a profit of $68.1 million on $1.66 billion in revenue. That compared with a profit of $55.9 million on $1.49 billion in revenue in 2010.