Aircastle reports USD (191m) net loss in Q2 2020

Aircastle Limited has reported a net loss of USD (191.0) million, due to net non-cash aircraft impairment charges of USD (197.9) million, the company said.

Second Quarter 2020 highlights include:

-Total revenues were USD 255.5 million, up 14.3%
-Total lease rental and direct financing and sales-type lease revenues were USD 176.9 million, down 12.0%
-Adjusted EBITDA(1) was USD 244.8 million, up 16.1%
-Execution of a USD 150 million revolving credit facility with Mizuho Bank Ltd
-Repaid USD 300 million of senior unsecured 7.625% coupon debt in April

As of July 31, Aircastle had approximately USD 1.5 billion of liquidity and USD 5.7 billion of unencumbered aircraft.

As of June 30, 2020, Aircastle owned 274 aircraft with a net book value of USD 7.2 billion. The company manages nine aircraft with a net book value of USD 321 million dollars on behalf of our joint venture with Mizuho Leasing.

During the quarter the company recorded net non-cash, transactional and fleet review impairment charges on 16 aircraft totaling USD 197.9 million, after partially offsetting maintenance and other revenue of USD 82.2 million. The transactional impairments were mostly driven by certain customers filing for protection status and bankruptcy.

Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world.