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Jazz Q2 profit down 38.6%
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Aug 3, 2010 | 3:35 pm
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tcook052
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Jazz Q2 profit down 38.6%
http://www.financialpost.com/news/Ja...221/story.html
Jazz Air Income Fund, which owns Air Canada’s regional affiliate Jazz Air LP, reported Tuesday that second-quarter profit was down 38.6% to $15.6-million from $25.4-million last year.
The company said operating revenue, which fell 3.9% to $359-million, was hurt by, among other things, a lower U.S. dollar exchange rate and a 3% reduction in departures.
The company however stressed the quarter was successful, as it saw deals reached with several labour groups who had threatened to strike. One of those deals, struck with Air Line Pilots Association International, prevented some 1,500 of Jazz's pilots from striking. Prior to the six-year agreement, the pilots had been without a contract since June, 2009.
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