SMBC Aviation Capital lease revenue up 3.5%, lease assets decline 0.5% in six months to Sep-2018

SMBC Aviation Capital reported (20-Nov-2018) the following highlights for the six months ended 30-Sep-2018:

• Core lease revenue: USD490 million up 3.5% year-on-year;
• Average operating lease assets: -0.5%;
• Aircraft assets: USD11.2 billion, comprising 231 owned aircraft and pre-delivery payments;
• 30.6% of portfolio transitioned to new technology assets, up from 15% in 1H2017. Modernisation trend set to continue;
• Signed LoIs to place 44 aircraft from order book, with all 2018 and 2019 positions placed. LoIs for 12 of these sales were signed after 30-Sep-2018;
• Completed sales of eight owned aircraft with average age of 7.9 years, profit on disposal of USD11.4 million;
• Signed contract for the sale of a 29 aircraft portfolio from company's managed fleet;
• Raised USD700 million in third party financing including a successful USD500 million bond issuance in Jul-2018. [more - original PR]