Willis Lease reports 2010 results

Engine leasing specialist Willis Lease Finance reported a 1.4% decline in net revenue in 2010, thanks to relatively flat lease rates and falling utilisation, which hit its lowest point for the company since 2002.

The company reported a net profit of USD8.9 million, down more than 50% from 2009. Costs were up mostly due to higher levels of depreciation and increased financing costs. Shares in Willis Lease gained 0.3% yesterday.

Shares in ALAFCO dipped 2.9% in trading, while AerCap fell 2.8%. The companies are likely to be affected by the suspension of operations by Kuwait's Wataniya Airways, which leases three A320s from each lessor.

Selected Lessors daily share price movements (% change): 16-Mar-2011