Chorus Aviation posts record drop
Chorus Aviation Inc. posted a record drop after the carrier reported profit that missed analysts' estimates and halved its quarterly dividend amid a dispute with Air Canada.
Chorus Aviation Inc., formerly known as Jazz Air Income Fund, posted a higher fourth-quarter profit helped mostly by tax recovery.Net income for the quarter rose $63.8-million to US$84.6-million, of which US$70-million was the result of a certain tax benefit.Operating revenue jumped 12% to $392.7-million.The company became a corporation and changed its name to Chorus Aviation in January.Shares of the company closed at $5.12 on Monday on the Toronto Stock Exchange.