| |
| Please Note - Streaming News is only available to subscribers to the Active Level and above |
|
|
|
Avation delivers 'satisfactory' annual results as lease revenue rises 14%
StockMarketWire.com
|
Passenger aircraft leasing company Avation said it had delivered 'satisfactory' annual results as it maintained profitability on higher lease revenue despite the impact of Covid-19 on the aviation industry.
For the year ended 30 June, the company posted a pre-tax profit of US$14.7 million as lease revenue increased by 14% to US$135.3 million.
At the current date, Avation's fleet totaled 46 aircraft. The average age of the fleet was 4.5 years and the average remaining lease term was 6.5 years, the company said.
As at the current date, Avation had provided support to 14 airline customers with agreements to defer a total of $13.7 million.
The company mitigated this impact on cashflow with secured lenders agreeing to reschedule $26.5 million of loan amortisation.
Seven airline customers had since returned to normal monthly rental levels, the company said.
Since 1 July 2020, Avation's airline customers had begun to return to service with airlines representing over 79% of unearned contracted revenue flying at greater than 50% of pre-COVID levels, the company said.
'The travel, airline and aircraft leasing sector remains challenged, even at these levels of return to service,' it added.
Story provided by StockMarketWire.com
|
|
|
|
|
|
