Commercial jet leasing company Aircastle Limited has announced first quarter 2020 revenues were USD 282.5 million, an increase of 32.1%, the company said.
Total lease rental and direct financing and sales-type lease revenues were USD 205.7 million, up 8.4%.
Net loss was USD (34.2) million due to merger related costs. The company closed its merger with Marubeni Corporation and Mizuho Leasing.
Aircastle acquired four narrow-body aircraft for USD 82.3 million; committed to acquire two additional narrow-bodies during 2020 for USD 38.5 million.
Disposed of eight older narrow-body aircraft for proceeds of USD 150.0 million and a gain on sale of USD 27.0 million; this represents a margin on net sales proceeds of 18.0%.
As of April 30, 2020, total liquidity of USD 1.4 billion includes unrestricted cash of USD 348 million, USD 450 million of undrawn credit facilities and USD 540 million of projected operating cash flows through April 30, 2021.
Aircastle Limited acquires, leases and sells commercial jet aircraft to airlines throughout the world. As of March 31, 2020, Aircastle owned and managed on behalf of its joint ventures 283 aircraft leased to 84 customers located in 46 countries.