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FLY Leasing revenue down 9%, profits also down in 4Q2010

3-Mar-2011 11:15 AM

FLY Leasing revenue down 9% - financial highlights:

  • Three months ended 31-Dec-2010:
    • Revenue: USD59.9 million, -9.4% year-on-year;
      • Operating lease revenue: USD52.2 million, -0.6%;
    • Profit before tax: USD12.3 million, -29.2%;
    • Net profit: USD10.6 million, -22.3%;
  • 12 months ended 31-Dec-2010:
    • Revenue: USD253.7 million, -17.5%;
      • Operating lease revenue: USD219.7 million, +2.7%;
    • Profit before tax: USD62.9 million, -44.6%;
    • Net profit: USD52.7 million, -40.9%;
    • Total assets: USD1978 million, -2.3%;
    • Cash and cash equivalents: USD164.1 million, +71.0%;
    • Total liabilities: USD1503 million, -2.4%. [more]

FLY Leasing: “During 2010, we took advantage of rising aircraft prices by actively managing our portfolio and selling four aircraft, all at attractive premiums to book value. Two of these aircraft were more than 15 years old. Meanwhile, we acquired two brand new 737-800s on long-term leases, helping to lower the age of our fleet, strengthen our revenues and diversify our base of lessees,” Colm Barrington, CEO. Source: FLY Leasing, 02-Mar-2011.