Chorus Aviation Inc. says profits last quarter rose 40 per cent year over year, allowing it to pay down part of its hefty debt as the travel industry begins to regain its purchase.

The Halifax-based company is reporting net income of $32 million for the quarter ended March 31, compared with $22.9 million in the same period a year earlier.

It says first-quarter operating revenue jumped 21 per cent to $415.3 million from $342.4 million in 2022.

Chorus, which leases planes across the globe and provides regional service for Air Canada via Chorus subsidiary Jazz Aviation, says it plans to use some of the extra cash to bring down its ratio of net debt to adjusted earnings to between 3.6 and four times by the end of the year.

The company forecasts revenue this year will total between $1.5 billion and $1.7 billion, and that adjusted earnings will hit $410,000 to $450,000 — both roughly in line with last year's figures.

On a per share basis, Chorus says it took in adjusted earnings of 11 cents per share last quarter versus 10 cents the year before.

This report by The Canadian Press was first published May 9, 2023.