ILFC profits down in 2Q2010, cash balance up

International Lease Finance Corp (ILFC) revenue down 6.5% - financial highlights:

• Three months ended 30-Jun-2010
  • Revenue: USD1,244 million, -6.5% year-on-year;
  • Costs: USD1,070 million, +10.8%;
  • Profit before tax: USD174.4 million, -52.2%;
  • Net profit: USD110.8 million, -53.3%;
• Six months ended 30-Jun-2010
  • Revenue: USD2,146 million, -7.1%;
  • Costs: USD2,070 million, +7.7%;
  • Profit before tax: USD75.7 million, -88.8%;
  • Net profit: USD47.8 million, -89.1%;
  • Operating cash flow: USD1,633 million, -1.1%;
  • Net cash: USD2,969 million, +197.7%. [more]

ILFC: "We do not have any scheduled aircraft purchases delivering during the remainder of 2010, and six new aircraft with an estimated purchase price of USD247.6 million are scheduled to deliver during 2011. We plan to finance those deliveries partly by operating cash flows and partly by incurring additional debt…we believe the sources of liquidity mentioned above, together with our cash generated from operations, will be sufficient to operate our business and repay our debt maturities for at least the next twelve months," Company statement. Source: ILFC, 06-Aug-2010.