Jazz parent company Chorus Aviation reported operating income of Canadian dollar (C$) 31.7 million ($30.7 million) in the second quarter, down 12.6% from C$36.3 million in the same three months of 2012.
The Halifax-based regional airline's operating revenues dropped 3.7% to C$410 million, and operating expenses fell 2.9% to C$379 million.
Net income dropped 65% to C$7.8 million in the second quarter. When adjusted for finance leases and unrealised gains or losses on foreign exchanges, this income totals C$21.4 million, or a decrease of 21.2%.
Chorus' second quarter results from 2012 included a flight services agreement with Thomas Cook which generated C$8.9 million that has since been terminated.
Voluntary severance costs for senior pilots and maintenance employees of about C$2.3 million also played a role in Chorus' results as the carrier consolidates its facilities and maintenance operations.