Aircastle profits down in 1Q2012

Aircastle revenue up 4% - financial highlights for three months ended 31-Mar-2012:

• Total revenue: USD164.9 million, +4.4% year-on-year;
  • Lease rental revenue: USD152.2 illion, +7.9%;
• Total costs: USD129.5 million, +6.8%;
• Profit from continuing operations before tax: USD35.5 million, -22.7%;
• Net profit: USD32.6 million, -23.6%;
• Total assets: USD5147 million, -1.5% when compared to period ended 31-Dec-2011;
• Cash and cash equivalents: USD256.7 million, -13.1% when compared to period ended 31-Dec-2011;
• Total liabilities: USD3670 million, -3.1% when compared to period ended 31-Dec-2011;
• Portfolio:
  • Passenger aircraft: 120;
  • Freighter aircraft: 25;
  • Number of lessees: 65;
  • Portfolio yield: 14%. [more - original PR]

Aircastle: "Our first quarter financial results reflect the earnings power of USD1 billion in investments we made last year as well as strong portfolio performance. We see an increasingly attractive investment environment in 2012 and have been able to close or secure USD400 million in acquisitions to date and believe these will further enhance our profitability. Moreover, our new investment pipeline is robust," Ron Wainshal, CEO. Source: Aircastle, 03-May-2012.