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Air Lease Profit Rises, Fuel Costs Hurting

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Aircraft leasing company Air Lease posted a stronger quarterly profit, but said higher fuel costs hurt performance.

The company's net income rose to USD$26.9 million, from USD$3.2 million a year earlier.

Revenue jumped 140 percent to USD$132.6 million.

Selling, general and administrative costs rose 37 percent to USD$13.6 million.

Air Lease, which placed an order for four Boeing 787-9 Dreamliners in December, said it saw demand holding up for new aircraft lease placements in the 2013 to 2015 delivery time frame, particularly in Asia.

Air Lease's co-founder Steven Udvar-Hazy, who is credited with founding the aircraft leasing industry, was sued by American International Group last month for stealing several thousand electronic files containing trade secrets.

(Reuters)