Willis Lease Finance Corporation records US$21.8 million pre-tax profit

KUALA LUMPUR, Aug 7 (Bernama) -- Willis Lease Finance Corporation reported pre-tax profit of US$21.8 million and total revenue of US$95.8 million in the second quarter of 2019. (US$1 = RM4.19)

Its pre-tax results were driven by continued revenue growth in core leasing business and spare part sales, as well as gains associated with the active management of its portfolio, according to a statement.

“Our business continues to deliver in all verticals, producing strong cash flow and profitability, which we believe is an indication that the market recognises the value of the entire Willis Platform,” said chairman and chief executive officer, Charles F. Willis.

Among the highlights include lease rent revenue amounting to US$45 million (4.5 per cent growth); quarterly maintenance reserve revenue of US$26.5 million (increased by US$4.4 million), and, spare parts and equipment sales of US$14.6 million (increased 25.2 per cent).

As of June 30, the company had a total lease portfolio consisting of 241 engines, 12 aircraft, 10 other leased parts and equipment, and one marine vessel with a net book value of US$1.6 billion.

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