Babcock and Brown Air 3Q2009 revenue up 2.2%, profit down, performs "well" with 98% utilisation

Babcock and Brown Air revenue up 2.2% - financial highlights for the three months ended 30-Sep-2009:

• Total revenue: USD67.8 million, +2.2% year-on-year;
• Total costs: USD50.2 million, +4.7%;
• Profit before income tax: USD17.6 million, -4.3%;
• Net profit: USD14.4 million, -9.9%. [more]

Babcock & Brown Air: "B&B Air's portfolio continues to perform well, producing strong cash flow. Our third quarter dividend of USD 20 cents per share represented just 21% of our Available Cash Flow for the quarter. Following the purchase of the notes payable we ended the quarter with approximately USD78 million in unrestricted cash. During the quarter our fleet had a 98% utilization factor and we also reached agreement to lease the last remaining B757 aircraft repossessed in 2008. This aircraft is scheduled to be delivered in December," Colm Barrington, CEO. Source: Babcock & Brown Air, 04-Nov-2009.