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Irish aircraft firm FLY post profit rise

Thursday, July 31 14:16:50

Dublin-based global aircraft leasing group, FLY Leasing, today posted net income and diluted earnings per share for the second quarter of $21.7m and $0.51, compared to $5.9m and $0.20 in the same period of 2013.

Total revenues increased 21pc to $109.5 million.

Operating lease rental revenue increased 26pc for the second quarter of 2014 to $94.6 million, compared to $75.0 million for the same period in the previous year.

This increase was driven by the increase in the size of the portfolio and improved utilisation. The second quarter 2014 results include $18.9 million in gains from aircraft sales, whereas the same period in the previous year included $17.0 million in end of lease income.

Net income and diluted earnings per share for the six months ended June 30, 2014 were $25.2 million and $0.58, compared to $38.8 million and $1.35 for the six months ended June 30, 2013. The 2014 results included $3.9 million of end of lease income compared to $47.6 million in 2013.

"FLY had a strong second quarter with 26pc growth in operating lease rental revenue compared to the same quarter last year," said Colm Barrington, FLY's Chief Executive Officer.

"This is the fourth consecutive quarter in which we have increased rental revenue, driven by FLY's strong fleet growth over the last 12 months. FLY also booked gains from the sale of seven aircraft with an average age of 12.4 years. Since its inception, FLY has sold 29 aircraft with an average age of 12.5 years for an aggregate gain of $68 million. FLY continues to reduce the average age of its portfolio, which was 8.7 years at June 30."

"We continue to find attractive acquisition opportunities in the sale and leaseback and secondary markets," added Barrington. "We have already acquired 12 aircraft for more than $247 million this year and have an identified pipeline of more than $450 million. At June 30, we had unrestricted cash of $253 million and $325 million available under our acquisition facility, giving us ample capacity to fund our pipeline. As a result, we are confident of achieving our 15pc net fleet growth target this year."