May 3 (Reuters) - Canadian plane and train maker Bombardier Inc reported a 16-percent rise in its favoured measure of profit on Thursday and said it had agreed to sell its Toronto aircraft assembly site to a pension fund as part of its five-year recovery plan.
The company said it made $265 million before interest, taxation, depreciation and amortization (EBITDA) in the first quarter, helped by higher orders for its rail-focussed transportation unit and an improving market for business aircraft.
It said it had agreed to sell the Downsview property, which assembles its Q400 turboprops and several business jets, for about $635 million gross to the Public Sector Pension Investment Board.
The company, which is in the middle of the turnaround plan after considering bankruptcy in 2015, said earlier this year that it was weighing a sale of the site.
Bombardier said the backlog for its CRJ Series and Q400 totaled more than 50 aircraft each.
Adjusted net income attributable to company shareholders fell to $22 million in the first quarter ended March 31 from $28 million a year earlier.
Overall revenue rose nearly 12 percent, helped by 21 percent rise in revenue for the transportation unit.
Bombardier also said it expected to complete the sale of a majority stake in its CSeries jetliner to Airbus SE before the close of the current quarter. (Reporting by Yashaswini Swamynathan in Bengaluru and Allison Lampert in Montreal)