Air Lease Reports Higher Q3 Profit
Los Angeles-based aircraft lessor Air Lease increased its third quarter net profit to USD$99.2 million on global passenger traffic growth and the replacement of older aircraft.
The third quarter to end September saw revenues up 6.1 percent to $376.8 million, and pre-tax income of $154.1 million, a 6.6 percent lift.
“We had a solid quarter, delivering strong, consistent margins… Global passenger traffic growth and the need to replace ageing aircraft continue to drive healthy demand for new aircraft,” Air Lease chief executive John Plueger said.
At the end of the quarter, the company owned 236 aircraft, with a net book value of $12.7 billion, and managed 51 more. It has a customer base of 90 airlines in 55 countries.
Looking ahead, CEO Plueger said the company remains “focused on our core leasing business, harvesting leasing placements in 2020 and beyond, and further developing our management and side car platforms.”