FLY Leasing ends 2016 in the red

FLY Leasing revenue down 19% - financial highlights:

• Three months ended 31-Dec-2016:
• • Total revenue: USD100.6 million, -18.6% year-on-year;
  • • Operating lease: USD81.6 million, -25.5%;
    • Gain on sale of aircraft: USD17.5 million, +37.6%;
  • Net profit (loss): (USD63.8 million), compared to a profit of 19.1 million in p-c-p;
• 12 months ended 31-Dec-2016:
• • Total revenue: USD345.0 million, -25.4%;
  • • Operating lease: USD313.6 million, -27.0%;
    • Gain on sale of aircraft: USD27.2 million, -6.1%;
  • Net profit (loss): (USD29.1 million), compared to a profit of USD22.8 million in p-c-p;
  • Total assets: USD3447 million;
  • Cash and cash equivalents: USD518.0 million;
  • Total liabilities: USD2854 million. [more - original PR]

FLY Leasing: "We entered 2017 with ample liquidity that provides us with the opportunity to grow our portfolio and to continue our share buyback program. We set a target of acquiring USD750 million of new aircraft in 2017 and have the financial firepower to exceed this level if we find the right opportunities to enhance our portfolio and shareholder value", Colm Barrington, CEO. Source: Company statement, 09-Mar-2017.