Canada’s Chorus Aviation, parent of Canadian regional airline Jazz Aviation LP, has taken numerous steps during the past few years to diversify its business away from its major source of revenue – a capacity purchase agreement with Air Canada. Its moves have included the establishment of a third party maintenance business and the 2015 purchase of Voyageur Airways, a company whose primary focus is specialised contract flying.
Chorus made perhaps its boldest diversification move yet in late 2016 when it outlined plans to create a new regional aircraft leasing company, Chorus Aviation Capital (CAC). Since that time Chorus has been busy building the foundation for the new venture, which is already making a contribution to the company’s revenue. A significant proportion of the CAD 28.9 million rise in Chorus’ “other” revenue for the 9M ending Sep-2017 is attributable to its new third party leasing business.
Many factors are driving Chorus’ bullishness about opportunities in the regional aircraft leasing market, including airlines’ increasing appetite for operating leases and some larger lessors looking to divest their portfolios of regional aircraft.
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