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Aircastle reports 'very good' results in2Q2013

7-Aug-2013 9:55 AM

Aircastle revenue up 1% - financial highlights:

  • Three months ended 30-Jun-2013:
    • Total revenue: USD172.2 million, +1.1% year-on-year;
      • Lease rental: USD153.6 million, -2.7%;
      • Finance lease: USD956,000, -76.8%;
    • Profit from continuing operations before tax: USD17.7 million, -51.7%;
    • Net profit: USD16.3 million, -50.3%;
  • Six months ended 30-Jun-2013:
    • Total revenue: USD337.1 million, -2.7%;
      • Lease rental: USD305.9 million, -2.7%;
      • Finance lease: USD956,000, -88.0%;
    • Profit from continuing operations before tax: USD53.2 million, -15.9%;
    • Net profit: USD48.9 million, -12.5%;
    • Flight equipment held for lease: USD4779 million;
    • Unencumbered flight equipment: USD2346 million;
    • Number of aircraft: 158;
    • Number of unencumbered aircraft: 76;
    • Weighted average fleet age: 10.8 year;
    • Total assets: USD5812 million;
    • Cash and cash equivalents: USD618.2 million;
    • Total liabilities: USD4397 million. [more - original PR]

Aircastle: "Aircastle's second quarter financial results were very good, reflecting strong portfolio performance and effective asset management. I'm particularly encouraged by our acquisition activity, where we have been able to find attractive investment values consistent with our disciplined approach and return targets. In that regard, the majority of our recent investments have been for new wide-body aircraft on long-term leases with high quality lessees, and this is gradually transforming and enhancing the mix of our portfolio. We're in an excellent position to capitalise on our team's transaction origination capabilities with the new capital we've sourced,” Ron Wainshal, CEO. Source: Company statement, 06-Aug-2013.