Costs associated with the consolidation of its subsidiaries Chautauqua Airlines and Shuttle Airways saw Republic Airways Holdings’ operating profits halve in Q4 2014.
Its full-year results for 2014 reveal that operating profits in the last quarter fell 51.2 per cent year on year as a result of a $33.5m impairment charge.
The group’s CEO, Bryan Bedford, said: “We took some significant steps in 2014 in our effort to simplify and streamline our business. While this simplification strategy results in near-term transition expenses…the actions that we’ve taken in 2014 and that we intend to take in 2015 are key to the future success of our airline.”
Across the year, the US regional carrier group saw operating profit fall 2.9 per cent compared with 2013 figures to $185m, while revenue was 2.1 per cent up year on year.