Aerocentury continues to lose ground, Menzies gains strongly – Suppliers Share Wrap
Aerocentury’s share price continued its recent downward trend, losing another 4% on Wednesday. After a 12% jump in share prices following the release of its first quarter results on 12-May-2010, the stock has lost approximately 20% of its value.
The regional aircraft lessor reported a net profit of USD1.9 million, up 53% year-on-year but much of the result was from a USD600,000 one-off gain from insurance proceeds. Stronger mainline lease revenue is being offset by aircraft that are off lease, even as air travel recovers.
Elsewhere, Menzies Group posted strong share gains following its upward revision of its profit outlook earlier in the week. The company reported a better-than-expected revenue performance in its ground handling and aviation segment. Its shares were up 10.6% yesterday, after several flat days of trading.
Selected Aviation suppliers’ daily share price movements (% change): 26-May-2010