Fly Leasing reports net income of $54m for second quarter

Lessor sold seven aircraft for $18.9m during three-month period

Fly Leasing purchased two additional aircraft for $60.9m during the quarter, bringing its fleet to 98 aircraft and seven CFM engines on lease to 45 airlines in 25 countries. Photograph: iStock

Fly Leasing purchased two additional aircraft for $60.9m during the quarter, bringing its fleet to 98 aircraft and seven CFM engines on lease to 45 airlines in 25 countries. Photograph: iStock

 

Fly Leasing, an aircraft finance business led by former Aer Lingus chairman Colm Barrington, has reported a net income of $54.1 million (€49m), or $1.68 per share, for the second quarter of 2019. This was more than double the $24.3 million recorded for the same period last year.

The lessor sold seven aircraft for $18.9 million during the period, a 10 per cent premium on the book value. The New York-listed company, with offices in the US and the Republic, is also contracted to sell 14 more aircraft, also at gains, it said.

It purchased two additional aircraft for $60.9 million during the quarter, bringing its fleet to 98 aircraft and seven CFM engines on lease to 45 airlines in 25 countries. Of the 98 aircraft, 12 were classified as held for sale.

“As a result of our deleveraging strategy following last year’s major fleet acquisition we have met our leverage target a year ahead of schedule,” Mr Barrington said. “We also have been repurchasing stock, buying back 1.47 million shares in the quarter.

“Fly will begin taking delivery of its $1 billion of contracted A320 neo family aircraft later this year, and is well positioned to add aircraft as opportunities arise.”