Los Angeles Business Journal has reported Air Lease has reported second quarter revenue of USD 521 million, a 10% increase compared to the same period of 2019, the news source said.
Net income for the quarter was up 16% to nearly USD 144 million.
Air Lease shares rose 14% to USD 32 in the days following the August 6, slipping to USD 30.10 on August 18.
More than a dozen airlines around the globe have filed for bankruptcy protection this year, including Latam Airlines Group and Avianca Holdings. Two airlines launched by billionaire Richard Branson — Brisbane, Australia-based Virgin Australia Group and Crawley, U.K.-based Virgin Atlantic Airways — have filed for a form of prepackaged bankruptcy available in their home countries.
Air Lease Chief Executive attribute the company´s relative success to new lease deals with airlines seeking to restructure their fleets to cut costs.
These carriers are eliminating older planes that require more maintenance, replacing them with new aircraft that require less maintenance and are more fuel efficient. Lease payments make such a transition possible, in the same way leases help consumers buy cars they would otherwise not be able to afford.