KUALA LUMPUR, Aug 7 (Bernama) -- Willis Lease Finance Corp reported a pre-tax profit of US$11.6 million or RM 47.33 million in the second quarter of 2018, driven by strong sales in each of its leasing, spare parts and asset management businesses. (1US$ = RM 4.08)
The company records quarterly lease rent revenue of US$43.1 million or RM 175.85 million in the period driven by continued high utilization and 14.9 per cent growth of its portfolio to US$1.542 billion or RM 6.29 billion at quarter-end compared to US$1.343 billion or RM 5.48 billion at December 31, 2017.
As of June 30, the company had a total lease portfolio consisting of 246 engines and related equipment, 15 aircraft and 10 other leased parts and equipment compared to 225 engines and related equipment, 16 aircraft and seven other leased parts and equipment in December 31, 2017.
Also reported is the aggregate lease rent and maintenance reserve revenues were US$65.1 million or RM 265.61 million for the second quarter of 2018, up 37.5 per cent and 85.5 per cent respectively, a statement said.
However, the company records a decrease of US$12.3 million or RM 50.18 million for the spare parts and equipment sales as well as increased in general and administrative expenses due to costs associated with relocating and transitioning employees.
“Our focus is on growing and shaping our portfolio, and the business generally, to ensure that we have the right assets and services in the right places, at the right time, delivering maximum value for our customers,” said chairman and chief executive officer, Charles F. Willis.
Willis Lease Finance Corp leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries.
-- BERNAMA
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