Willis Lease Finance Corp profits down in 2Q2010: pricing power back with lessors
Willis Lease Finance Corporation, lessor of commercial jet engines, revenue down 1.8% - financial; highlights:
- Three months ended 30-Jun-2010:
- Total revenue: USD32.8 million, -1.8% year-on-year;
- Total costs: USD30.1 million, +17.0%;
- Operating profit: USD2.7 million, -65.2%;
- Net profit: USD1.9 million, -62.0%;
- Six months ended 30-Jun-2010:
- Total revenue: USD68.5 million, +0.7%;
- Total costs: USD61.3 million, +17.3%;
- Operating profit: USD7.2 million, -54.1%;
- Net profit: USD5.0 million, -58.8%;
- Total assets: USD1,095 million, +1.0%;
- Total liabilities: USD874.2 million, +0.2%. [more]
Willis Lease Finance Corp: "While overall conditions in the aviation industry are improving and demand for leased engines is on the rise, we are still facing an oversupply of certain types of engines in the market as well as pressure on lease rates across the board. However, since the beginning of June we have experienced a significant increase in the number of requests for leased engines compared to earlier in the year, and new lease activity has increased noticeably. We believe that the oversupply of spares is gradually being absorbed by greater demand and that pricing power is beginning to shift back to the lessors," Donald Nunemaker, Executive Vice President & General Manager-Leasing. Source: Willis Lease Finance Corp, 06-Aug-2010.