BUSINESS

Chorus Aviation to hike dividend 6.7%, Q4 adjusted profit rises to $23.7 million

02/19/2015 08:09 EST | Updated 04/21/2015 05:59 EDT
HALIFAX - Chorus Aviation Inc. (TSX:CHR.B) is raising its monthly dividend by about 6.7 per cent, starting with its April payout to shareholders.

The dividend will rise to four cents per Chorus share, up from 3.75 cents per share, with the April 17 payment.

The announcement Thursday was included with financial results that showed the Halifax-based company had $11.3 million of net income in the fourth quarter and $64.7 million for the full year ended Dec. 31.

On an adjusted basis, Chorus reported $23.7 million or 20 cents per share for the fourth quarter, up from $20.8 million or 17 cents per share a year earlier.

Operating revenue for the fourth quarter was $401.3 million, down 2.9 per cent from $413.2 million a year earlier. For the full year, operating revenue was $1.67 billion, down 0.35 per cent from 2013.

Chorus subsidiary Jazz Aviation primarily operates a fleet of Bombardier turboprops on behalf of Air Canada (TSX:AC), to complement the larger airline's route network.

Chorus and Air Canada recently negotiated an amended long-term agreement that will run to 2025.