Fly Leasing reports USD 20.7m in Q3 2018 net income

Fly Leasing Limited (NYSE: FLY), an aircraft leasing company, has reported net income of USDS 20.7 million in third quarter 2018, or USD 0.68 per share, compared to a net loss of USD 12.5 million, or USD 0.43 per share, for the same period in 2017, the company said.

Adjusted net income was USD 22.8 million for the third quarter of 2018, compared to Adjusted net loss of USD 10.0 million for the same period in the previous year. On a per share basis, adjusted net income was USD 0.75 in the third quarter of 2018, compared to adjusted net loss of USD 0.34 for the third quarter of 2017.

As of September 30, 2018, FLY has drawn down approximately U SD548.1 million to finance the acquisition of 29 Airbus A320 aircraft from AACL under a term loan facility with a consortium of lenders.

On October 30, 2018, FLY had drawn USD 43.9 million under a term loan facility with certain lenders to finance the acquisition of seven engines on operating leases to AirAsia and its affiliated airlines from AACL.

At September 30, 2018, FLY´s total assets were USD 4.2 billion, including investment in flight equipment totaling USD 3.7 billion. Total cash at September 30, 2018 was USD 268.1 million, of which USD 180.1 million was unrestricted. The book value per share at September 30, 2018 was USD 20.89, an 8% increase since the beginning of the year.

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.