Fly Leasing Limited (NYSE : FLY ), a global leader in aircraft leasing has announced second quarter 2018 net income of USD 24.3 million, or USD 0.87 per share, the company said.
This compares to net income of USD 2.9 million, or USD 0.09 per share, for the same period in 2017.
Net income for the six months ended June 30, 2018 was USD 34.0 million, or USD 1.21 per share, compared to net income of USD 7.9 million, or USD 0.25 per share, for the six months ended June 30, 2017.
Adjusted net income was USD 25.2 million for the second quarter of 2018, compared to USD 5.1 million for the same period in the previous year. On a per share basis, Adjusted Net Income was USD 0.90 in the second quarter of 2018, compared to USD 0.16 for the second quarter of 2017. For the six months ended June 30, 2018, Adjusted Net Income was USD 37.6 million, or USD 1.34 per share, compared to USD 11.0 million, or USD 0.34 per share, for the same period last year.
Subsequent to June 30, 2018, FLY completed the transfers of 12 Airbus A320 aircraft pursuant to definitive agreements dated February 28, 2018 with AirAsia Group Berhad, as successor to AirAsia Berhad (“AirAsia”), and its subsidiary, Asia Aviation Capital Limited (“AACL”) for a total of 13 Airbus A320 aircraft from the initial portfolio. FLY expects to complete the transfers of the remaining 20 Airbus A320 aircraft and seven engines on operating leases to AirAsia and its affiliated airlines, and one Airbus A320 aircraft on operating lease to a third-party airline, by the end of the third quarter of 2018.
On June 15, 2018, FLY entered into a USD 574.5 million term loan facility with a consortium of lenders to partially finance the acquisition of 30 Airbus A320 aircraft from AACL. As of August 23, 2018, FLY has drawn down USD 213.4 million under the facility in conjunction with the aircraft transferred from AACL as described above.
At June 30, 2018, FLY had 85 aircraft on lease to 45 airlines in 27 countries.
FLY is a global aircraft leasing company with a fleet of modern, high-demand, and fuel efficient commercial jet aircraft. FLY leases its aircraft under multi-year lease contracts to a diverse group of airlines throughout the world. FLY is managed and serviced by BBAM, a worldwide leader in aircraft lease management and financing.