Jazz Air Profit Climbs 9.9% on Canada Currency Gain
Jazz Air Income Fund, which operates the Jazz Air regional carrier in partnership with Air Canada (AC/A), said fourth-quarter profit climbed 9.9 percent as a stronger Canadian dollar eased fuel and aircraft leasing costs.
Net income rose to C$35.1 million ($34.9 million) compared with a year earlier, the Halifax, Nova Scotia-based company said today in a statement. Income trusts have unit holders, not shareholders, and don't usually report per-share results.
Jazz Air, which operates flights across Canada and into the U.S., benefited from an 18 percent gain in the value of the Canadian dollar against its U.S. counterpart last year. Fourth- quarter revenue increased 5.8 percent to C$372.1 million.
ACE Aviation Holdings Inc. (ACE/H), Air Canada's parent company, has a 9.5 percent stake in Jazz Air after agreeing to sell a C$97 million stake last month.
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