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Chorus Aviation reports $180.6-million loss in second quarter

Chorus Aviation Inc. says it lost $180.6 million in its second quarter, down from profits of $20.3 million during the same quarter last year.

The Halifax-based company says the results include a previously disclosed $187 million impairment on discontinued operations.

Operating revenues for the quarter ended June 30 were $351.2 million, up from $327.5 million last year.

Last month, Chorus agreed to sell its regional aircraft leasing arm in a deal valued at $1.9 billion.

President and CEO Colin Copp says the sale, expected to close at the end of the year, will set the stage for steady and sustainable future growth at the company.

He says the divestiture will enable Chorus to invest in future growth as well as to implement a sustainable return of capital program for shareholders.

This report by The Canadian Press was first published August 13, 2024.

News from © Canadian Press Enterprises Inc., 2023