February 19, 2008 / 10:56 PM / in 10 years

Jazz Air fund restates 07 profit due to tax shift

CALGARY, Alberta, Feb 19 (Reuters) - Jazz Air Income Fund JAZ_u.TO, which owns a stake in Air Canada’s ACa.TO regional feeder airline, has raised its reported 2007 net income by a factor of three after restating its future tax liability, it said on Tuesday.

Jazz said it adjusted its profit for the year upward by nearly C$9.3 million ($9.2 million), pushing the total to C$14.1 million.

The restatement is the result of calculating the future liability using a revised rate of 29.5 percent for 2011 and 28 percent for 2012 and beyond, rather than the 31.5 percent it had previously used, the fund said.

The change does not affect the financial statements of the operating company, Jazz Air LP.

$1=$1.02 Canadian Reporting by Jeffrey Jones; Editing by Rob Wilson

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