FLY Leasing reports falling revenue and profits in 2Q2010

FLY Leasing, formerly Babcock & Brown Air, revenue down 1.7% - financial highlights:

• Three months ended 30-Jun-2010:
  • Total revenue: USD63.4 million, -1.7% year-on-year;
  • Operating lease revenue: USD61.4 million, +14.3%;
  • Total costs: USD48.1 million, +2.2%;
  • Profit before tax: USD15.3 million, -12.4%;
  • Net profit: USD13.2 million, -6.0%;
• Six months ended 30-Jun-2010:
  • Total revenue: USD131.1 million, -24.5%;
  • Operating lease revenue: USD115.7 million, +8.0%;
  • Total costs: USD95.1 million, stable;
  • Profit before tax: USD36.0 million, -54.2%;
  • Net profit: USD29.8 million, -51.1%;
  • Total assets: USD2,015 million, -0.5% when compared with period ended 31-Dec-2009;
  • Total liabilities: USD1,545 million, +0.3% when compared to period ended 31-Dec-2009;
  • Available cash flow: USD87.5 million, +29.5%. [more]

FLY Leasing: "We see further positive signs of a recovery in the airline industry, reflected in increased airline profitability as well as rising aircraft values and increasing demand from our airline customers around the world," Colm Barrington, CEO. Source: FLY Leasing, 04-Aug-2010.