KUALA LUMPUR, Nov 5 -- Willis Lease Finance Corporation has reported record quarterly pre-tax profit and total revenues of US$31.1 million and US$120.4 million, respectively. (US$1 = RM4.15)
“Our business had another strong quarter, driven by an in-demand portfolio of high quality lease assets and the further integration of our asset management and surplus parts businesses,” said chairman and chief executive officer, Charles F. Willis.
“We also benefited significantly from an active trading market and the realisation of maintenance revenues from long-term leases that, for the most part, matured as part of engine replacement programmes.”
The Company’s third quarter 2019 pre-tax results were driven by strong leasing revenues as well as gains associated with the active management of its portfolio. Aggregate lease rent and maintenance reserve revenues were US$88.3 million for the same quarter.
As of Sept 30, it has a total lease portfolio consisting of 264 engines, 11 aircraft and 11 other leased assets with a net book value of US$1.625 billion, according to a statement.
Willis Lease Finance Corporation 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
-- BERNAMA
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